Awaiting US And CAD Labor Market Data
German finance minister wants G20 to not focus only on EZ crisis; Spanish manufacturing PMI lower; UK construction sector expands. Focus on employment reports from US and Canada. A new edition of Premium Insights was released yesterday ahead of the NFP. 6 trades hit all targets last week, 3 were stopped out and 4 remain in progress. Please see below.
The greenback is stronger against most majors in the ongoing session. European equities are trading within a narrow range.
The common currency was trading heavy since London open. EURUSD fell to a session low of 1.2864 after German finance minister Wolfgang Schaeuble said that top economies must pursue structural reforms and sustainable fiscal policies. Reuters reports that Schaeuble does not want this weekend's G20 meeting to focus solely on EZ crisis but should also include other issues such as US and Japan's debt problems.
Spanish manufacturing PMI declined in October to 43.5 from previous 44.5 reaching the lowest level since July. However, the 10 year yield is little changed trading around 5.59%. On a positive note, the final results of French, German and Eurozone manufacturing PMIs were revised slightly higher from their initial estimates.
After two months of contraction the UK construction sector expanded as the PMI bested expectations and reached 50.9 from previous 49.5. However, new work dropped for the fifth month and employment declined at the fastest pace since August 2011. GBPUSD trades around 1.6095.
The US session brings the last pre-election labor market data. The NFP report that is due at 8:30 am ET is projected to rise slightly to 123K in October from previous 114K and the unemployment rate is seen marginally higher at 7.9% after declining sharply to 7.8% in September. The last report of this week is factory orders that are expected to rise 4.6% in September after falling 5.2% in August.
Canadian employment is anticipated to drop to 9.7K after soaring 52.1K a month earlier. The unemployment rate is expected to remain unchanged at 7.4%.
Latest Premium Insights: 6 trades hit all targets last week, 3 were stopped out and 4 remain in progress. http://ashraflaidi.com/products/sub01/access/?a=692 Nonsubscribers can click here to join http://ashraflaidi.com/product/sub01/
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