5 May 2014
Further concern over weakening Chinese demand, quiet day for data
FXStreet (London) - With a number of markets closed overnight, we saw some quieter trading through the Asian session. The biggest moves came on weaker-than-expected Chinese manufacturing PMIs, with currencies such as the Australian dollar declining on export demand concerns.
The final reading of the HSBC/Markit purchasing managers index (PMI) came in at 48.1, declining from the 48.3 flash reading but a slight gain on March’s 48.0 number, an eight-month low. According to the survey, output and new orders contracted in April, and new export orders fell into contraction after a recovery the previous month. The latest Chinese manufacturing PMI print represents the fourth-straight month of contraction.
In Europe, Sentix European consumer confidence numbers are expected to see a slight gain to 14.2 in May after 14.1 in April.
The European Commission is also set to release its spring economic forecasts, which are expected to be more upbeat than the winter release.
In the UK, markets are shut for the May Day bank holiday.
North America has a quiet session later today, with no top-tier economic data from Canada. Expectations are for the US non-manufacturing ISM index to increase to 54.1 in April from 53.1, in line with other indices that have benefitted from an upturn in business activity after below-normal US temperatures and disruptive weather conditions hampered the economy in the earlier part of this year.
The final reading of the HSBC/Markit purchasing managers index (PMI) came in at 48.1, declining from the 48.3 flash reading but a slight gain on March’s 48.0 number, an eight-month low. According to the survey, output and new orders contracted in April, and new export orders fell into contraction after a recovery the previous month. The latest Chinese manufacturing PMI print represents the fourth-straight month of contraction.
In Europe, Sentix European consumer confidence numbers are expected to see a slight gain to 14.2 in May after 14.1 in April.
The European Commission is also set to release its spring economic forecasts, which are expected to be more upbeat than the winter release.
In the UK, markets are shut for the May Day bank holiday.
North America has a quiet session later today, with no top-tier economic data from Canada. Expectations are for the US non-manufacturing ISM index to increase to 54.1 in April from 53.1, in line with other indices that have benefitted from an upturn in business activity after below-normal US temperatures and disruptive weather conditions hampered the economy in the earlier part of this year.