Hi friends...
Let us talk about forex market. What exciting things happened today? lets review these news.
Major and more exciting news is there are no UK figures or policy maker speeches today. The data highlight comes on Wednesday when all eyes will be watching whether the ONS revises up its first estimate of Q3 GDP frmo -0.4%, which at the time defied expectations of the UK exiting recession during the quarter. Given the Q3 PMIs and recent signs of strength in other data, we have pencilled in a modest upward revision to -0.3%. Governor King and four of his MPC colleagues testify on the Inflation Report projections at the Treasury Select Committee (tomorrow).
The flash PMIs for November are published for the euro area today. We expect the headline indices from both the manufacturing and services sectors to edge higher in the month, to 51.0 from 50.7, and to 52.8 from 52.6, respectively. As a result, the composite PMI should also post a gain, supporting our view that activity in the euro area is expanding in the current quarter at a similar rate to the 0.4% recorded in Q3 - see chart. ECB President Trichet is scheduled to speak this afternoon.
Heading into the US Thanksgiving break on Thursday, trading conditions are expected to be thin. Today, there is only the existing home sales report. Given the strong improvement in September, we expect only a modest gain in sales to 5.6m for October. It was all about today. have a great day ahead.
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