- Eurozone October Final Mfg PMI falls to 45.4 from 46.1 in Sept
- UK Oct Construction PMI rises to 50.9 from 49.5 in Sept, above a Reuters poll of 49.1, highest reading since July.
- German October Final Mfg PMI 46.0 (from final 47.4 in Sept)
- French Oct final Mfg PMI rises to 43.7 from 42.7
- Italian Oct Mfg PMI falls to 45.5 from 45.7
- Spanish Oct Mfg PMI falls to 43.5 from 44.6
- China’s PBOC: Intends to keep growth in social financing, money supply reasonable
- German FinMin Schaeuble: G20 needs structural reforms and fiscal consolidation to ensure market trust and growth
- Greek Coalition Faces More Tension Ahead Of Parliamentary Votes Next Week
I was really looking for a quiet morning, but a raft of poor Mfg PMI’s and comments from Germany’s Schaeuble changed all that.
Macro sellers led an early assault on EUR/USD tripping some sell stops through 1.2925 to lows around 1. 2895. Bounces failed to hold above 1.2910 and Mr Market then targeted a 1.2880 barrier (part of a DNT). This was duly broken with sell stops again triggered through 1.2875 to lows of 1.2865 before bids from real money names led a half-hearted recovery to 1.2893.
GBP/USD found support at 1.6080 and received a boost from construction PMI back up through 1.6100, but failed to recover to o/n highs. EUR/GBP broke down through 0.8000 on the PMI release but there was no follow-through with the cross settling around 0.8005 .
USD/JPY continues to grind higher but offers from exporters, option names ahead of a 80.50 barrier are proving stubborn with the pair stuttering in the low 80.30’s.
AUD/USD led a gradual slide after overnight highs in Asia of 1.0419, drifting to 1.0368 in uninspiring trade. Support in EUR/AUD ahead of 1.2400 keeping the downside pressure on AUD/USD
Equities were largely quiet and flat, gold was bracketed in a $5 range around 1708, and December WTI shed just over 50 cents to lows around $86.26 per barrel
Roll on the NFP….
