1 May 2014
Quiet May Day trading, stronger UK manufacturing PMIs expected
FXStreet (London) - We saw a quiet overnight session, with many markets shut for May Day. Japan, Australia and New Zealand were the only major markets open, but only released minor data. The Australian export price index beat expectations, gaining 3.6 percent quarter-on-quarter, compared to 1.5 percent predictions. The index showed a big jump after declining 0.5 percent in the last quarter of 2013. Import prices rose 3.5 percent quarter-on-quarter, beating expectations of a 1.8 percent gain.
Despite the national holiday, China released its official PMI numbers, which came in below expectations. According to the National Bureau of Statistics, the Purchasing Managers' Index rose to 50.4 in April after posting 50.3 in March, compared to expectations of a gain to 50.5. The government survey showed that there was a small upturn in factory orders, but a strong downturn in export orders.
In the UK this morning, hopes are for stronger manufacturing PMIs after four months of declines. Expectations are for an increase to 55.4, from 55.3 in March, however we may see some further upside on forecasts.
US ISM manufacturing numbers will be in focus this afternoon, with expectations of a strengthening to 54.2 after the March print of 53.7. Initial jobless claims will also be under scrutiny ahead of Friday’s non-farm payroll data release.
Despite the national holiday, China released its official PMI numbers, which came in below expectations. According to the National Bureau of Statistics, the Purchasing Managers' Index rose to 50.4 in April after posting 50.3 in March, compared to expectations of a gain to 50.5. The government survey showed that there was a small upturn in factory orders, but a strong downturn in export orders.
In the UK this morning, hopes are for stronger manufacturing PMIs after four months of declines. Expectations are for an increase to 55.4, from 55.3 in March, however we may see some further upside on forecasts.
US ISM manufacturing numbers will be in focus this afternoon, with expectations of a strengthening to 54.2 after the March print of 53.7. Initial jobless claims will also be under scrutiny ahead of Friday’s non-farm payroll data release.