EUR AT RISK OF FURTHER DOWNSIDE
• USD is mixed—markets hit by risk aversion steaming from Egypt, China & Europe. ADP important input into July 4th holiday & nonfarm.
• CAD is flat—correlations suggest USD outlook key driver.
• EUR is weak as political instability in Portugal drive risk aversion.
• GBP rallies on inter‐European diversification & strong services PMI.
• SEK is flat—Riksbank holds rates at 1%, makes no change to outlook.
• NOK is weak on release of disappointing PMI, falling to 46.7.
• JPY is strong on risk aversion; with domestic news more limited.
• AUD falls to fresh multi year low as Gov Stevens maintains dovishness.
• CNY is flat as China’s non‐manu PMI falls to 53.9, 10‐mth low.
Read the full report: FX Daily
Scotiabank