Mike's Musings, Feb 03

   
 

TODAY's HIGHLIGHTs

 TUES. FEB. 3RD

EUR Spanish Unemployment Change: 83.4k(78.0k)

GBP Construction PMI: 56.9(59.1)

CAD RMPI: -8.8%(-7.6%)

USD Factory Orders: -1.8%(-3.4%)

JPY Average Cash Earnings: 1.6%

 

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NORTH AMERICA

 

The Loonie has had a decent run the last couple days, and this morning has pulled back through the 1.25 level against USD, with a rebound in Oil Prices being the main driver. US factory orders came in worse than expected this morning as well, which helped the Loonie push, and with a string of weaker than expected US data, we've now seen the CAD pull back nearly 3 cents against the USD in the last 2 days. Despite this solid recovery, the expectation is for continued USD strength for the first few quarters of the year, so it may be beneficial for USD buyers to take advantage of these levels and hedge a portion of their exposure to the market.

Support: 1.2390, 1.2130

Resistance: 1.2540, 1.2700

 

   
   

EMEA/ASIA-PACIFIC

The EUR has stabilized over the last few days, and even had a positive data release last night with Spanish Employment numbers beating expectations. However, deflationary problems continue to exist, and could continue to drag the EUR lower over the next few weeks to months.  

The GBP was stronger overnight as a very strong Construction PMI number helped to boost the Pound higher. It will take a few stronger numbers to help the Pound stabilize and pull back some of the losses seen in late 2014 and early 2015, however solid PMI numbers will go a long way in this endeavor. 

Written by mbrown@paylinebyice.com 

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