28 Jun 2013
Flash: A busy week ahead - TD Securities
FXstreet.com (London) - Jacqui Douglas, strategist on behalf of the research team at TD Securities said we had a relatively calm overnight session, with markets seemingly mulling over the Fed mantra of the last few days that tapering does not equate to tightening policy.
The team notes how the European equities are little changed, and most G10 currencies are essentially flat vs the USD, with the exception of JPY’s underperformance which drove USD/JPY through 99. The team believes markets will likely be keeping an eye on the Chicago PMI out of the US later today, after the massive nearly 10pt jump in May, even though in the end the ISM went in the opposite direction and dipped down to 49.0. They are looking for a slightly steeper pullback to 54.0 (market 55.0). Month-end and quarter-end flows may also be market drivers today. They said next week will be a busy one, with ECB, BoE, Riksbank and US nonfarm payrolls and markets will be looking at payrolls especially for their next tapering clues.
The team notes how the European equities are little changed, and most G10 currencies are essentially flat vs the USD, with the exception of JPY’s underperformance which drove USD/JPY through 99. The team believes markets will likely be keeping an eye on the Chicago PMI out of the US later today, after the massive nearly 10pt jump in May, even though in the end the ISM went in the opposite direction and dipped down to 49.0. They are looking for a slightly steeper pullback to 54.0 (market 55.0). Month-end and quarter-end flows may also be market drivers today. They said next week will be a busy one, with ECB, BoE, Riksbank and US nonfarm payrolls and markets will be looking at payrolls especially for their next tapering clues.