By FX Empire.com
Economic Events: (GMT)
08:00 GBP Halifax House Price Index (MoM) 0.1% 0.6%
The Halifax House Price Index measures the change in the price of homes and properties financed by Halifax Bank of Scotland (HBOS), one of the U.K.’s largest mortgage lenders. It is a leading indicator of health in the housing sector.
08:15 CHF CPI (MoM)
The Consumer Price Index (CPI) measures the change in the price of goods and services from the perspective of the consumer. It is a key way to measure changes in purchasing trends and inflation.
08:15 CHF Retail Sales (YoY)
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
09:30 GBP Services PMI
The Services Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the services sector. A reading above 50 indicates expansion in the sector; a reading below 50 indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.
10:00 EUR Retail Sales (MoM)
Retail Sales measure the change in the total value of inflation-adjusted sales at the retail level. It is the foremost indicator of consumer spending, which accounts for the majority of overall economic activity.
15:00 USD ISM Non-Manufacturing Index
The Institute of Supply Management (ISM) Non-Manufacturing Purchasing Managers’ Index (PMI) (also known as the ISM Services PMI ) rates the relative level of business conditions including employment, production, new orders, prices, supplier deliveries, and inventories. The data is compiled from a survey of approximately 400 purchasing managers in the non-manufacturing sector. On the index, a level above 50 indicates expansion; below indicates contraction.
EUR/GBP Fundamental Analysis March 5, 2012, Forecast
Analysis and Recommendations:
The pair EUR/GBP is currently 0.8328 after opening at 0.8342. The euro lost energy today while there was positive news from the UK.
The UK construction sector saw activity rise sharply in February, with the Markit/CIPS construction headline February activity index spiking to 54.3 from 51.4.
The data, released by Reuters, shows construction activity accelerating seeing its 14th consecutive monthly expansion. Employment in the construction sector, however, declined
despite growth in new business and output.
The 54.3 outturn was the highest since March 2011 and new business growth was the fastest in 21 months. While employment fell, which Markit reported was due to reorganizations in some companies, the decline was only marginal.
Manufacturing, came in at 51.2, down from 52.0 in January, with pace of expansion easing. The manufacturing survey also found a marked rise in pipeline inflation, with input costs seeing
the second sharpest month-on-month rise in the survey’s history.
On Friday the Office for National Statistics also published data for new construction orders, which highlighted the decline in orders in 2011.
The ONS figures showed a 2.5% quarterly fall in new orders in the fourth quarter, with a very sharp rise, of 41.6%, in infrastructure orders offset by a 26.6% fall in public housing orders.
With recession returning to the eurozone after two years of austerity, EU president Herman Van Rompuy signaled the need for a new agenda as a two-day European Union summit kicked off on Thursday.
Spanish Prime Minister Mariano Rajoy on Friday announced a new deficit to gross domestic product target for the country of 5.8% in 2012, against a prior target of 4.4%, according to media reports. Rajoy made the comments in Brussels. Spanish media has been reporting for days that the government would raise its target.
EU leaders have cleared all but the final hurdles to an unprecedented new Greek bailout as they began debating ways to turn the page on the crisis by injecting fresh life into strained economies.
German Chancellor Angela Merkel on Friday said the European Central Bank’s recent liquidity operations have bought time to solve the euro-zone debt crisis but won’t be repeated. “We will certainly not take such additional measures. The liquidity goes out of the market again,” Merkel said at the conclusion of a summit meeting of European Union leaders in Brussels, according to Reuters
Eurozone Jan producer prices rise came in better than forecast.
A very quiet Friday for Economic Data: actual v. forecast
|
NZD |
ANZ Commodity Price Index (MoM) |
0.0% |
1.1% |
|
|
EUR |
German Retail Sales (MoM) |
-1.6% |
0.5% |
0.1% |
|
GBP |
Construction PMI |
54.3 |
51.3 |
51.4 |
|
EUR |
PPI (MoM) |
0.7% |
0.5% |
-0.2% |
| GDP (MoM) |
0.4% |
0.3% |
-0.1% |
Sovereign Bond Auction Schedule
Mar 05 10:10 Norway Bond auction
Mar 06 10:10 Greece Auctions 6M T-bills
Mar 06 10:15 Austria Bond auction
Mar 06 10.30 UK Auctions 0.75% 2034 I/L Gilt
Mar 06 15:30 UK Details gilt auction on Mar 15
Mar 07 10:10 Sweden Nominal bond auction
Mar 07 10:30 Germany Eur 4.0bn Feb 2017 Bobl
Mar 07 10.30 UK Auctions new Sep 2017 conventional Gilt
Mar 08 16:00 US
Announces auctions of 3Y Notes on Mar 12, 10Y Notes on Mar
13 & 30Y Bonds on Mar 14
Mar 08 16:30 Italy Details BOT auction on Mar 13
Mar 09 11:00 Belgium OLO mini bond auction
Mar 09 16:30 Italy Details BTP/CCTeu on Mar 14
Originally posted here
