On a Monday morning, market liquidity is very thin until it improves as more Asian centres come online. Prices are liable to swing around on not too much at all, so take care out there.
Rates guide:
- EUR/USD 1.1036
- USD/JPY 136.16
- GBP/USD 1.2565
- USD/CHF 0.8930
- USD/CAD 1.3542
- AUD/USD 0.6614
- NZD/USD 0.6181
Over the weekend we had data from China:
The manufacturing PMI back into contraction increases pressure on Chinese policy makers to provide a further boost to the economy. Indeed China's Politburo said back on Friday they recognise "weak momentum and insufficient demand" is holding back recovery.
China Stats people (a spokesperson for the National Bureau of Statistics (NBS)) said following the data that:
- "A lack of market demand and the high-base effect from the quick manufacturing recovery in the first quarter"
contributed to the weaker PMI for April.
