OctaFX | OctaFX Forex Broker
Open trading account

China HSBC PMI, UK retail sales in focus - Westpac

FXStreet (Bali) - Sean Callow, FX Strategist at Westpac, breaks down the key events to watch for on Thursday, including flash’ Nov China’s manufacturing PMI from HSBC/Markit, European Nov PMIs and UK Oct retail sales.

Key Quotes

"The ‘flash’ Nov reading on China’s manufacturing PMI from HSBC/Markit is due at 12:45pm Syd/9:45am local. The renewed downtrend in Westpac’s China data pulse (just 25.5% last week) definitely suggests downside risks to the PMI estimate. This warns that consensus for a modest decline from 50.4 in Oct to 50.2 in Nov may be too conservative; a dip back below the 50.0 xpansion/ contraction line is a real risk."

"Various preliminary readings on European Nov PMIs (also Markit) are due in early London. France is expected to remain below 50, Germany in the 51-52 area and the overall Eurozone indexes in modest expansion territory."

"In the UK there is more risk for GBP in the Oct retail sales report. The median forecast is 0.3% m/m, 4.2% y/y ex-autos, recovering from the disappointing -0.3% in Sep. The US data calendar is very busy. Oct CPI is seen little changed, 1.6% y/y total, 1.7% y/y ex-food & energy. Initial jobless claims (f/c 284k) cover the week of the Nov non-farm payrolls survey. The Nov Philadelphia Fed manufacturing survey is seen easing slightly to 18.5 while Oct existing home sales are expected to tick down to a 5.15mn annualized pace."

MAS intervenes in Singaporean Dollar?

USD/SGD has dropped sharply from 1.3102 towards 1.30 round number after the Monetary Authority of Singapore reportedly intervened int he market to slow down the consistent depreciation in the Singaporean Dollar.
Read more Previous

USD/JPY scales remains in favour of the greenback

USD/JPY is trading at 118.10, up 0.09% on the day, having posted a daily high at 118.29 and low at 117.88.
Read more Next
Start livechat