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Daily FX Update

News flow is not particularly encouraging with a disappointing data set from China, a Russian convey of trucks into

The Euro sits poised just above a downside breakout point on the charts this morning as evidence of slowing inside the Euro zone,

Like the Euro, the Swiss sits just above a fresh downside breakout on its charts.

While the Yen could have derived some support from safe haven interest in the wake of disappointing global economic news flow overnight,

Talk of disappointing growth in China, a lower UK inflation outlook, slack growth in Europe,

Reports that last week’s Canadian jobs report was statistically flawed,

The Pound has restarted its downward motion on its charts in the wake of a dampening BOE inflation/wage outlook.

Accordingly the German ZEW economic sentiment survey was released at the lowest level since 2012.

EUR/USD continues to hold at the lows butrallies have lost momentum. The proximity of thekey support at 1.3296, a short-term rebounds arelikely.

Today’s highlights: EURUSD is weighing on the recent cycle low at 1.3433, and we stay bearish for a break lower to our 1.3248 target.

EURUSD: Buyers keep responding. Yet another lower ‘shadow’ marks support below 1.3450 and

After last week’s brief excitement markets have relapsed back into summer slumber.