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Subdued Markets Ahead of Central Banks and US Jobs Data

Wednesday, April 3, 2013 22:50

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Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

marctomarket.com / By Marc Chandler / April 3, 2013

The week’s big events, the central bank meetings in Japan, the UK and euro area, and the US monthly jobs report lie ahead and the global capital markets are seeing fairly subdued action awaiting the new information.

For the fifth time in six sessions, the euro has dipped below $1.28, but it has only managed to finish the North American session once below there and that was in the middle of last week. At the same time, it has not traded above $1.29 since March 25.

Sterling slipped to new ten day lows after being rebuffed for the second time in the $1.5260 area. It found a good bid near $1.5075, ahead of the band of technical support seen in the $1.5000-50 area. The CIPS construction survey was similar to the manufacturing survey insofar as they both showed improvement from February, but less than the consensus expected.

The dollar has been confined to a about a third of a yen range against the Japanese currency. The greenback recovered from yesterday’s drop to JPY92.50, but has run into offers in the JPY93.50-70 area. The price action in the Nikkei was considerably more impressive. After gapping lower yesterday, the Nikkei surged earlier today rising almost 3%, the biggest gain in nearly a month, led by a 9% rise in consumer services.

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Thanks to BrotherJohnF

2013-04-03 22:47:13

Source: http://silveristhenew.com/2013/04/03/subdued-markets-ahead-of-central-banks-and-us-jobs-data/

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