Italy Markit Services PMI down to 43.6 in Feb from 43.9 in Jan
Mar 5, 2013
Forex Flash: BoE might increase QE on disappointing UK Services PMI – TD Securities
TD Securities believe today's services PMI results will be key for Thursday’s BoE decision on whether to extend QE: “After the weakness in both the manufacturing and construction PMIs already this month, we think that if the services PMI comes in below our forecast of 50.5 (market 51.0) then the BoE will increase QE by at least £25bn at this week’s meeting (in addition to the £6.6bn reinvestment from the APF’s March 2013 redemption), as the economy would no longer be showing the “muted pace of expansion” that it had assumed, and the Feb MPC vote was already close with 3 of 9 members (including Gov King) voting for QE”, wrote analyst Alvin Pontoh. Steady figures should give the BoE more time to reconsider.
Forex Flash: Majors down on Dollar as spending cuts kick in - OCBC Bank
Emmanuel Ng of OCBC Bank notes that even as spending cuts for the US kicked in, the majors ended mixed to lower against the greenback on Fri while the JPY (sustained dovish market talk) and the GBP (disappointing Feb manufacturing PMI) under performing across the board.