Data released (actual, consensus, previous):
01:30 GMT Australia Consumer Price Index (YoY) (Q2) 2.4%2.5%2.5%
01:30 GMT Australia Consumer Price Index (QoQ) (Q2)0.4%0.5%0.4%
01:45 GMT China HSBC Manufacturing PMI (Jul) Preliminar 47.748.548.2
06:58 GMT France Markit Manufacturing PMI (Jul) Preliminar 49.848.848.4
06:58 GMT France Markit Services PMI (Jul) Preliminar 48.347.747.2
07:28 GMT Germany Markit Manufacturing PMI (Jul) Preliminar50.349.448.6
07:28 GMT Germany Markit Services PMI (Jul) Preliminar52.550.850.4
07:58 GMT EMU Markit Manufacturing PMI (Jul) Preliminar50.149.248.8
07:58 GMT EMU Markit PMI Composite (Jul) Preliminar50.449.348.7
07:58 GMT EMU Markit Services PMI (Jul) Preliminar49.648.548.3
08:00 GMT Italy Retail Sales s.a. (MoM) (May) 0.1%_-0.1%
08:00 GMT Italy Retail Sales n.s.a (YoY) (May) -1.1%_-2.9%
The euro rose to a one-month high against the dollar after a
report showed manufacturing in the 17-nation currency bloc expanded in
July, bolstering demand for the region’s assets.
But the rise was capped amid news from Greece.
The European Commission warned yesterday that the next
tranche of the aid payment for Greece could be delayed. It informed
German lawmakers that the reforms required from Athens by international
lenders might not be carried out on time.
The Bundestag was notified that Greece had fulfilled 17 of
the 22 measures demanded by the Troika in exchange for rescue funds. The
progress in implementing the remaining five will be examined today
during a conference call between the Euro Working Group of Eurozone
finance ministry officials. According to a person close to the talks,
even if the bailout payment is delayed, there shouldn't be any other
“serious” problems with it, as fulfilling five measures consists of
“mainly procedural steps”.
The German parliament as well as the IMF are due to analyze
the Troika's latest review of the Greek bailout program on July 29. If
the result of the examination is positive, Greece should receive the
next tranche of aid by October.
EURO:
Europe’s shared currency strengthened for a second day
versus the yen as another purchasing managers’ index indicated French
output contracted at a slower pace.
“The PMIs were a little bit stronger than anticipated,”
said Steve Barrow, the head of Group-of-10 research at Standard Bank Plc
in London. “If you look at how euro-region data has progressed recently
we’ve tended to see more upside surprises. There’s a relative
improvement in the perception of euro-zone data, which is helping the
euro.”
A manufacturing index based on a survey of purchasing
managers in the euro area rose to 50.1 from 48.8 in June. Economists
predicted a reading of 49.1.
EUR/USD holds a bit lower $1.3200, weakening
towards $1.3160 (yesterday’s lows). Support extends to $1.3140 (channel
line from Jul 15). Below support comes at $1.3070/60 (Jul 18 lows).
Above $1.3200 resistance is near yesterday’s high on $1.3230. A break
above would expose $1.3255 (high Jun 21) and $1.3300 (Jun 6 high).
POUND:
The pound consolidates within the 40-points range.
GBP/USD retreats from yesterday’s high on
$1.5390 (also Jul 22 highs and 61.8% Fibo of the $1.5750 - $1.4810
decline). Initial support remains at $1.5320 (yesterday’s lows) with a
break lower widens losses to $1.5200, then - to $1.5150 (Jul 18 lows)
and $1.5080 (Jul 17 lows).
Above recent highs resistance is placed at $1.5475/80 (Jun 25 high).
YEN:
The yen rose versus the dollar Wednesday.
USD/JPY holds at Y99.70, above the channel
support line from Jun 13 at Y99.40 with a break under widens losses to
Y98.20 (Jul 11 lows). Back above Y100.00 targets Y100.50 (Jul 15 highs),
then - at Y101.00 and Y101.50 (Jul 7 highs).
DATA AHEAD:
At 14:00 GMT Jun New Home Sales come with 0.485M expected after 0.476M.
At 14:30 GMT EIA Crude Oil Stocks change releases oil stocks for the Jul 19 week.
At 21:00 GMT the focus will be on RBNZ Interest Rate Decision with 2.5% expected.
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