Forex News

The relief bounce continued also Friday but the signs of running out of steam remains. EURUSD appears responding to the 1.4565 Fibo, EURCHF should be capped by 1.2400, the former floor, EURGBP huffing and puffing but seems unable to get a foothold above 0.9043 

The June ISM manufacturing index rose to 55.3 (consensus 52.0) from 53.5 in May. The components of the survey are still not as strong as they were earlier in the year. However, this release indicates some rebound in manufacturing activity and helps allay concerns that the recent slowdown in economic activity will be more long-lived.

Chicago PMI reduces downside ISM risk; other PMIs not so bullish but risk remains supported. CHF safe haven unwinds proceeds apace – more to come. Central banks may not be buying euros but real money now is and leveraged accounts may soon have to.

Unsurprisingly, the Central Bank of Russia (CBR) left all its policy rates and reserve requirements on hold at its rate setting meeting on 30 June. The accompanying policy statement signals a further shift towards a dovish stance, supporting our view that the CBR is done with rate hikes in this cycle (except possibly for deposit […]

Risk recovery weathers a weak run of PMIs What happened overnight – China manufacturing PMI falls to 50.9, weaker than consensus – Euro area manufacturing PMI unrevised from preliminary – Swiss, UK PMIs weaker than expected – Italian, Spanish PMIs fall below 50 – Hungary and Greek PMIs bounce

Federal debt talks remained at a stalemate Thursday as both sides continued their week-long battle of blaming each other for the stymied negotiations to allow the Treasury to continue borrowing money to finance government operations.

Risk sentiment remained upbeat in Asia, largely shrugging off weak manufacturing reports from China and Japan. The EUR and other risk currencies consolidated gains, but also showed signs of upside fatigue ahead of the weekend.

Today’s highlights: ·   EUR/USD: Market probing tentative trendline resistance placed at 1.4537. While above immediate support at 1.4447, the risk remains through here to 1.4572 and then 1.4698.

Hongbin on the HSBC PMI reading this mng, and Ive also attached further below our rundown of the Taiwan PMI as well ..

This to obviously become a bigger topic of conversation now that the Greek can’s been kicked…

Greek police clashed with protesters outside parliament in the early hours of Thursday ahead of a vote expected to approve a final austerity bill needed to secure international aid and avert a debt default. The government of PM Papandreou, which won a first vote on Wednesday by 155 to 138 votes, expects to pass the […]