7-1 Economic Calendar
EUR/USD Weakening in Asia
The EUR/USD has been under some pressure during the Asian session on the back of weaker Chinese PMI Manufacturing and worse than expected Aussie Building Approvals. The pair could find some bids at the 50% retracement area, where the pair has found support a few times in June.
Aussie May Retail Sales & Building Approvals
The Australian May seasonally adjusted Retail Sales reading expected to be up by 0.3% came in lower at 0.2%, also weaker than the prior reading of 0.6%. The Building Approvals came in much worse moving the AUD/USD pair down 50+ pips initially and the EUR/USD through the 1.22 handle. The details of the building approvals release are as follows:
Building Approvals (MoM) – Survey:0.0% Actual:-6.6% Prior:-14.8%
Building Approvals (YoY) – Survey:32.5% Actual: 26.6% Prior:21.3%
China’s PMI Manufacturing
Risk and commodity pairs moved to session lows again in the Asian session on the back of a weaker than expected PMI Manufacturing reading for June. Expected at 53.2 and coming in at 52.1 (53.9 prior) was enough to move the FX market and equities back to the lows.
Japan’s Tankan Q2 Release
Japan’s Tankan Manufacturing readings beat expectations for the 2nd quarter and were better than the 1st quarter readings. The market liked the release moving USD/JPY higher, as well the risk and commodity pairs against the USD. The details of the release are as follows:
Tankan Large MFG Index – Survey:-4 Actual:1 Prior:-14
Tankan Large MFG Outlook – Survey:0 Actual:3 Prior:-8
Tankan Non- MFG - Survey:-7 Actual:-5 Prior:-14
Tankan Non- MFG Outlook – Survey:-3 Actual:-4 Prior:-10
Aussie AIG Performance of Mfg Index
The Australian Performance of Manufacturing Index came in at 52.9 in June, still expansionary but weaker than the prior reading of 56.3. The Aussie had a muted reaction to this release as we saw the AUD/USD pair break through support we discussed yesterday to end the NY session and June trading. The pair is now struggling to maintain the 84 cent handle ahead of the Nikkei and Hang Seng open.
Forex Evening Report- June 30th
Forex Evening Report- June 30th
Merkel’s candidate is confirmed winner in Presidential election
It took 3 votes but he has gained the neccesary votes.
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