Overnight the HSBC Flash China Manufacturing Purchasing Managers’ Index hits 18 month high. The survey indicates high demand for manufacturing domestically as well as internationally.
Wow what a ride from the IPO to the latest earnings report in Facebook (FB, quote). Facebook’s earnings rocketed on 61% jump in revenue for the previous quarter. To say they crushed estimates would be an understatement not to mention it’s the 9th straight surprise beat.
The EURUSD pair initially tried to rally during the session on Wednesday, but as you can see turned back around and close towards the end of the day, forming a negative looking candle.
The GBPUSD pair initially tried to rally during the session on Wednesday, but with the Bank of England failing to impress upon the market a bit of a drive to tighten monetary policy, the British pound was in fact sold off later in the day.
The GBPUSD pair fell during the course of the day on Tuesday, but found enough support near the 1.7050 level to turn things back around and form a little bit of a hammer.
The central bank will use unconventional monetary tools such as re-lending and pledged supplementary lending to maintain relatively loose liquidity, rather than turning to conventional tools including lowering interest rates or the reserve requirement ratio, said Zhu Haibin, chief China economist at JPMorgan Chase & Co (JPM,