Data released:
01:30 GMT Australia Gross Domestic Product (QoQ) (Q2) 0.6% 0.6% 0.5%
01:30 GMT Australia Gross Domestic Product (YoY) (Q2) 2.6% 2.5% 2.5%
01:45 GMT China HSBC China Services PMI (Aug) 52.8 _ 51.3
07:48 GMT France Markit Services PMI (Aug) 48.9 47.7 48.6
07:53 GMT Germany Markit Services PMI (Aug) 52.8 52.4 51.3
07:58 GMT EMU Markit Services PMI (Aug) 50.7 51.0 49.8
07:58 GMT EMU Markit PMI Composite (Aug) 51.5 51.7 50.5
08:28 GMT UK Markit Services PMI (Aug) 60.5 59.0 60.2
09:00 GMT EMU Gross Domestic Product s.a. (YoY) (Q2) -0.5% -0.7% -1.1%
09:00 GMT EMU Retail Sales (MoM) (Jul) 0.1% 0.4% -0.7%
09:00 GMT EMU Retail Sales (YoY) (Jul) -1.3% -0.4% -1.1%
09:00 GMT EMU Gross Domestic Product s.a. (QoQ) (Q2) 0.3% 0.3% -0.3%
Ahead of a host of economic data and central-bank decisions later this week, major currencies held to tight ranges Wednesday, with only the Japanese yen and Australian dollar showing significant movement.
On Tuesday House after Speaker John Boehner said that he supports President Barack Obama’s call for military action in Syria.
In addition, the Senate reached an agreement on a resolution authorizing military strikes against Syria. The resolution gives Obama 60 days to strike Syria, and is expected to be put to a vote on Wednesday.
Meanwhile, a summit of leaders from the Group of 20 major economies was due to begin Thursday in St. Petersburg.
The jobs report, detailing the change in U.S. nonfarm payrolls and unemployment rate for August, was due out Friday, with economists expecting on average a net gain of 170,000 jobs.
The employment numbers were likely to dominate the week’s data, given the implications for the timing of the Federal Reserve’s plan to begin slowing the pace of its monetary stimulus.
EURO
The euro quickly dropped to fresh lows after August’s services PMI in the euro area failed to meet expectations. The improvements from Germany, France and Spain opposed pullbacks from Italy and the bloc as a whole.
Separate repoert showed on an annual basis Eurozone GDP decreased 0.5% in Q2, up from the 1.1% fall registered the previous quarter. Economists expected a greater decline of 0.7%. Quarter-over-quarter GDP rose 0.3% in Q2, compared with the 0.3% drop in Q1, as expected.
EUR/USD consolidates near $1.3160. Below rate may test $1.3060 (Jul 18 lows) and $1.3000 (Jul 15 lows). Initial resistance comes at Asian highs on $1.3200, above - at $1.3250 (Monday’s hourly highs) and $1.3400 (Aug 23 highs).
POUND
The pound rose after the UK data release.
In the United Kingdom, Markit Services PMI (August) came in at 60.5, beating expectation of 59.0, and compared with 60.2 previously.
Bank of England policy makers start a two-day meeting today.
The Bank of England’s nine-member Monetary Policy Committee will keep its asset-purchase target at 375 billion pounds tomorrow, according to economists. Officials will hold the main interest rate at a record-low 0.5% as they assess the impact of forward guidance, a separate survey showed.
The pound strengthened 6.2% in the past six months.
GBP/USD testes yesterday’s high on $1.5600 (initial resistance). Above resistance comes at $1.5640 (Aug 23 high) and $1.5715 (Aug 21 highs). Initial support is near $1.5495/00 (channel suppoort line from Jul 9), extending to Friday’s lows at $1.5460.
YEN
The yen slipped ahead of a Bank of Japan decision Thursday that could include some additional easing moves to offset plans to increase the national sales tax.
USD/JPY tested resistance Y99.80/90 (channel resistance line from Aug 27) and retreated. Above bulls may lift the rate to Y100.80/85 (Jul 2 and 18 highs). Initial support is around Y99.00 (Monday’s hourly lows), but back below Y98.70 (earlier broken channel line) may drag the rate down to Y98.00/Y97.90 (Aug 30 lows) and Y97.40 (Aug 29 lows).
DATA AHEAD:
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