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23.09.2013 06:00

Asian session: The euro was 0.3 percent from a seven-month high

01:45 China HSBC Manufacturing PMI (Preliminary) September 50.1 50.9 51.2


The euro was 0.3 percent from a seven-month high against the dollar after Angela Merkel won an overwhelming endorsement from German voters, putting her on course for the biggest election tally since Helmut Kohl’s post-reunification victory of 1990. Merkel’s Christian Democratic bloc took 41.5 percent of the vote in yesterday’s election, to 25.7 percent for the Social Democrats of Peer Steinbrueck, according to results from all 299 districts. That leaves her short of a majority and party leaders are due to meet today to discuss coalition talks.

Merkel’s choice is limited to a re-run of her first-term “grand coalition” with her traditional SPD rivals or the first-ever national alliance with the Greens. Neither party rushed to endorse a coalition.

European Central Bank President Mario Draghi will speak in the European Parliament today.

The dollar declined for a second day versus the yen before Fed Bank of New York President Dudley and Bank of Atlanta President Dennis Lockhart are scheduled to speak today. The Fed last week unexpectedly refrained from reducing its $85 billion in monthly asset purchases, saying it needs to see more signs of sustained labor market gains.

Australia’s dollar advanced after a report today indicated manufacturing expansion in China, the nation’s biggest trading partner. The preliminary reading for a Chinese manufacturing Purchasing Managers’ Index from HSBC Holdings Plc and Markit Economics rose to 51.2 this month from 50.1 in August. The Bloomberg survey median was for 50.9.


EUR / USD: during the Asian session the pair traded in the range of $ 1.3520-30

GBP / USD: during the Asian session, the pair traded in the range of $ 1.5995-30

USD / JPY: during the Asian session the pair fell to Y99.05


Monday sees the release of flash manufacturing and services PMI data on both sides of the Atlantic. French flash PMI data is set for release at 0658GMT, to be followed by German data at 0728 GMT and the combined EMU data at 0758GMT. The 'flash' Purchasing Managers' Index data for September will be followed by the German Ifo benchmark economic sentiment index Tuesday. Both are expected to establish the trend of solid forward-looking indicators in the Eurozone but are also expected to contrast markedly with the continually weak data from the real economy. There is no other data, but EU Economics and Monetary Affairs Commissioner Olli Rehn speech discusses eurozone challenges in New York at 1200GMT. ECB President Mario Draghi is set to hold his quarterly hearing before the European Parliament, in Brussels.

Across the Atlantic, the US September Markit flash PMI data will be released at 1258GMT. ECB President Mario Draghi is set to hold his quarterly hearing before the European Parliament, in Brussels. There is a full calendar of Fedspeak following on from Friday's raft of policymaker speeches. At 1320GMT, Atlanta Federal Reserve Bank President Dennis Lockhart will deliver a speech in New York. At 1330GMT, New York Federal Reserve Bank President William Dudley will hold a speech in New York. Later, at 1730GMT, Dallas Federal Reserve Bank President Richard Fisher will deliver a speech on banking and too-big-to-fail in San Antonio. Late data sees the release of the September Treasury Allotments data at 1900GMT. Late, at 2230GMT, Mexican President Enrique Pena Nieto will give a speech in New York.


Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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