Daily Market View: London and US ? April 3

Daily Market View: London and US ? April 3

By: Oliver Miller | Where To Trade | On:03-04-2015 10:29
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Key Highlights

  • Market in wait and watch mode as banks remain closed due to Easter holiday.

  • Japanese yen traded a touch lower as sellers gain advantage after the Japanese Services Purchasing Managers Index (PMI) highlighting business conditions in the services sector was published by Markit Economics.

  • European session was mostly quiet due to the holiday and awaits economic releases in the US today.

Key Releases:

Japanese services PMI (Japanese yen)

Japanese Overtime pay (Japanese yen)

London Session

Earlier during the London session, there was no release lined up as the European market was closed due to Easter holidays. However, during the Asian session there was an important release, as the Japanese Services Purchasing Managers Index (PMI) highlighting business conditions in the services sector was published by Markit Economics. The forecast was of a minor gain this time from the last reading of 48.5 in March 2015. However, the outcome was on the lower side, as the Japanese services PMI came at 48.4.

The report stated that the latest data pointed a bit of deterioration in business conditions in the Japanese service sector, which can be considered a worrying sign. The business activity declined for the second month, and at the same time the new orders fell too. This was not all, as there was a report that the service providers reduced their staffing numbers in March.

Speaking on the report, an Economist at Markit, Amy Brownbill stated that the “Reflecting a stagnation in new business, service sector output in Japan contracted for the second straight month in March. Subsequently, service providers reduced their staff numbers in March, albeit at a fractional rate. Meanwhile, cost pressures were evident, as purchasing costs increased amid reports of the weak yen/dollar rate driving up raw material costs.”

Overall, the data was on the negative side, and pushed the yen lower during the last session. The FX market was quiet, so there was no major decline in the yen, but when the volatility picks up, there is a chance of more declines in the near term.

European Session and US Open

As mentioned the market was quiet due to holidays. There was hardly any action during the European session.

The most important point is that the US nonfarm payrolls and the unemployment rate is due for a release today, which might cause a lot of moves in the near term in the US dollar.

Oliver Miller

Oliver Miller

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