Economic Events: (GMT)
The economic calendar is very light for Friday, with the 1st falling on Thursday. These events will have no little or significant events in the market. There are also no events scheduled in the US.
|
00:00 |
NZD |
ANZ Commodity Price Index (MoM) |
1.2% |
|
|
14:00 |
USD |
Global Semiconductor Sales (MoM) |
-5.5% |
|
|
Tentative |
GBP | Halifax House Price Index (MoM) |
0.1% |
0.6% |
|
13:30 |
GDP (MoM) |
0.3% |
-0.1% |
GBP/USD Fundamental Analysis March 2, 2012, Forecast
Analysis and Recommendations:
The GBP/USD is currently holding strong at 1.5954 with the sterling keeping yesterday’s gains opening at 1.5916. Thursday U.S. manufacturing gauge fell unexpectedly, as the Sterling held firm at a trade body’s ruling that Greece’s privately-held debt restructuring hasn’t met the threshold of a “credit event.”
The International Swaps and Derivatives Association panel said the restructuring of Greek government bonds won’t trigger payouts credit default swaps. Read more on ISDA.
Even if Greece’s debt swap and deal to exclude central banks from taking losses had been ruled a credit event, analysts said it was expected to be manageable. That’s because investors hold net exposure of around just $3.2 billion on CDS covering more than $200 billion of outstanding Greek debt.
Business at U.S. manufacturers expanded at a slower pace in February, according to a key index released Thursday. The Institute for Supply Management said its manufacturing index declined to 52.4% last month from 54.1% in January. Readings over 50% indicate that manufacturers are generally expanding.
Construction spending eased 0.1% in January to a seasonally adjusted annual rate of $827 billion, the first monthly dip since July, the Commerce Department said Thursday. Economists had expected a 0.7% gain, and December’s gain was revised to 1.4% from 1.5%. Private residential construction improved 1.8% in continuing some of the other positive trends seen from the housing market. However, private nonresidential construction slumped 1.5%
The Labor Department reported that initial unemployment claims fell by 2,000 to a seasonally adjusted 351,000 in the week ended Feb. 25. The level of claims is an indicator of whether layoffs are rising or falling. The number remained constant.
In the UK the manufacturing PMI came in below forecast surprising analysts and economists.
March 1, 2012 Economic Releases actual v. forecast
|
CHF |
GDP (QoQ) |
0.1% |
-0.1% |
0.3% |
|
GBP |
Nationwide HPI (MoM) |
0.6% |
0.3% |
-0.3% |
|
CHF |
SVME PMI |
49.0 |
48.5 |
47.3 |
|
EUR |
French Manufacturing PMI |
50.0 |
50.2 |
50.2 |
|
EUR |
German Manufacturing PMI |
50.2 |
50.1 |
50.1 |
|
EUR |
Manufacturing PMI |
49.0 |
49.0 |
49.0 |
|
PLN |
Polish GDP (YoY) |
4.3% |
4.2% |
4.2% |
|
GBP |
Manufacturing PMI |
51.2 |
52.0 |
52.0 |
|
EUR |
CPI (YoY) |
2.7% |
2.6% |
2.6% |
|
EUR |
Unemployment Rate |
10.7% |
10.4% |
10.6% |
|
USD |
Core PCE Price Index (MoM) |
0.2% |
0.2% |
0.1% |
|
CAD |
Current Account |
-10.3B |
-9.6B |
-12.3B |
|
USD |
Personal Spending (MoM) |
0.2% |
0.4% |
0.0% |
|
USD |
Initial Jobless Claims |
351K |
353K |
353K |
|
USD |
Continuing Jobless Claims |
3402K |
3400K |
3404K |
|
USD |
ISM Manufacturing Index |
52.4 |
54.6 |
54.1 |
Sovereign Bond Auction Schedule
Mar 01 09:30 Spain Bono auction
Mar 01 09:50 France OAT auction
Mar 01 10.30 UK Auctions 4.0% 2022 conventional Gilt
Originally posted here
