Mike's Musings, Jan 06




EUR Spanish Services PMI: 52.9(54.3)

EUR Italian Services PMI: 51.4(49.4)

GBP Services PMI: 58.9(55.8)

CAD RMPI: -4.6%(-5.8%)

NZD GDT Price Index: 3.6%

USD ISM Non-Manufacturing PMI: 58.2(56.2)

USD Factory Orders: -.03%(-.07%)

EUR German Retail Sales: .2%


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USDCAD has climbed back through the 1.18 level this morning as Canadian Raw Materials Price Index numbers failed to flatter, and missed the mark. The decline in RMPI was largely due to lower oil prices, which continue to severely hamper the Loonie and the Canadian economy in general. US data missed the mark as well this morning, as Non-Manufacturing PMI and Factory Order numbers faltered, holding the USD to only minor gains against the CAD.

Support: 1.1750, 1.1650

Resistance: 1.1825, 1.1870




The EUR held steady overnight, as mixed data from Italian and Spanish PMI numbers failed to drastically shift the market. The EUR continues to remain vulnerable, and soft EUR trend should continue throughout the week. 

The GBP has dropped ever further against the USD overnight, with Services PMI numbers looking very poor and missing the estimate. This continues to compound pressure against the GBP, and we could yet see the 1.50 level against the USD come into play sooner rather than later. 

Written by mbrown@paylinebyice.com 



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