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03/09-12   -   Press releases

Aussie starts the week on back foot

Markets have started the week on the back foot, with the Australian dollar singled out for punishment after early economic data came in below estimates.
Chinese manufacturing PMI also failed to excite. The AUD/JPY is down 0.41%, with the AUD/USD 0.37%. The US dollar is fighting back somewhat today
after taking a beating on Friday, with gold rising by 0.27%.

Coming up today we have Spanish manufacturing PMI at 8.15 following by Italian manufacturing PMI at 09.00. UK manufacturing PMI follows at 09.30 with
slight rise expected. Liquidity could be low, with the US observing the Labor day bank holiday. The GBP/USD is still trading around recent highs,
but this is largely due to recent dollar weakness rather than strength in the British pound. With the UK parliament coming back from it´s summer break
European politicians are following suit. The summer has been fairly forgiving for the European situation as no news is being taken as good news.
However, with the politicians bank, markets will be expecting some action to match the promises made in recent months and this is where the problems
could start. The UK has it´s own problems and its far from immune from European problems.

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