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22 Oct 2013
Session Recap: Good Chinese data leads to little movement in the markets; traders await US data
FXstreet.com (Barcelona) - With the exception of a couple of bullish data points out of China, it has been a very quiet Asian session. Traders are clearly in a holding pattern ahead of the release of the US monthly employment report at 12:30 GMT Tuesday.
Chinese data comes out strong – but barely moves the needle on risk assets
The Conference Board’s Leading Index of economic indicators for China came out at 0.9 versus 0.7 a month ago. Additionally, China’s House Price Index came out showing a gain of 9.1% versus an 8.3% reading last month. While the news was good, traders blew it off for the most part and remained in a holding pattern – apparently content to wait for the big news out of the US later Tuesday.
All eyes seem to be trained on the US NFP Report
With only the Swiss Trade Balance and British Public Sector Net Borrowing due out between now and the US jobs report, the global risk attitude is unlikely to move one way or the other until the US data is released.
On the subject of the US data, analysts are expecting growth of 180,000 jobs and an unemployment rate of 7.3%.
Trading action in the majors says everyone's on hold
A quick scan of the charts of the major forex futures reveals exactly what we outlined above – that everyone seems to be in a holding pattern ahead of the US data. With a quiet data schedule in Europe, traders have a every reason to trade lightly or not at all in front of the US session.
Chinese data comes out strong – but barely moves the needle on risk assets
The Conference Board’s Leading Index of economic indicators for China came out at 0.9 versus 0.7 a month ago. Additionally, China’s House Price Index came out showing a gain of 9.1% versus an 8.3% reading last month. While the news was good, traders blew it off for the most part and remained in a holding pattern – apparently content to wait for the big news out of the US later Tuesday.
All eyes seem to be trained on the US NFP Report
With only the Swiss Trade Balance and British Public Sector Net Borrowing due out between now and the US jobs report, the global risk attitude is unlikely to move one way or the other until the US data is released.
On the subject of the US data, analysts are expecting growth of 180,000 jobs and an unemployment rate of 7.3%.
Trading action in the majors says everyone's on hold
A quick scan of the charts of the major forex futures reveals exactly what we outlined above – that everyone seems to be in a holding pattern ahead of the US data. With a quiet data schedule in Europe, traders have a every reason to trade lightly or not at all in front of the US session.