EUROPEAN session review: Dollar advanced

Data released (actual, consensus, previous): 

06:00 CH Trade Balance (Jul) 2,380M 2,910M 2,819M Revised from 2,732M 

06:00 CH Exports (MoM) (Jul) 18.222 16,707.000M 

06:00 CH Imports (MoM) (Jul) 15.841 13,975.000M 

06:58 FR Markit Manufacturing PMI (Aug)Preliminar 49.7 50.3 49.7 

06:58 FR Markit Services PMI (Aug)Preliminar 47.7 49.0 48.6 

07:28 DE Markit Manufacturing PMI (Aug)Preliminar 52 51.1 50.7 

07:28 DE Markit Services PMI (Aug)Preliminar 52.4 51.7 51.3 

07:58 EMU Markit Manufacturing PMI (Aug)Preliminar 51.3 50.6 50.3 

07:58 EMU Markit Services PMI (Aug)Preliminar 51 50.2 49.8 

The dollar continues to rise versus the main currencies. Yesterday Federal Reserve minutes showed officials support stimulus cuts this year. 

ЕURO 

The Euro rose from session lows after unexpectedly strong EU Manufacturing PMI and Services PMI data. Indicators show Euro-Zone expansion accelerates. However, later the pair’s falling down was renewed. 

EUR/USD has tested support at $1.3280. Breaking of this area would open the way to $1.3240. Nearest resistance is at 1.3360. Further - $1.3450 и $1.3520. 

POUND 

The pound dropped amid positive news for dollar from Fed. 

GBP/USD continues to drop. Breaking of $1.5580 opened the door to $1.5520. Nearest resistance is at $1.5580. More important - at $1.5720. 

YEN 

The yen fell versus US currency as foreign investments in Japanese securities came out. 

USD/JPY has tested key resistance is at 98.80. Breaking of this level would be bullish moods stronger and set 100/00 as a target. Support is at 98.20 area. 

DATA AHEAD: 

At 12:30 GMT investors will monitor Canadian Retail Sales for June. 

The same time US release Initial Jobless Claims, followed by Jul Housing Price Index at 13:00 GMT.

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