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Forex Flash: European PMI in focus - Societe Generale

Sebastien Galy, Senior FX Strategist at Societe Generale notes that this mornings PMI numbers will be closely watched, at least for Germany, with expectations that Germany should be able to recover.

He writes, “Global economic activity has been picking up even if activity in peripheral Europe is set to stay very subdued. It will likely continue to support EURGBP.”

Commodities Brief – Precious metals unable to stage recovery after Fed-induced collapse

The price of Gold bottomed out at the 1554.65 level during overnight trading, culminating in the largest decrease in nearly six months as nearly all commodities across the board plunged on concerns emanating from the FOMC. With the state of the US economy in peril, the Fed has left little room for debate over the eventual end to Qe3, however the exact specifics are still unknown. In any scenario, the yellow metal is currently being supported by its 50-day SMA, setting at USD $1565.45 per oz. in these moments, down from a peak of 1570.95 earlier today.
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