Data released:
07:30 GMT Germany Markit Manufacturing PMI (Apr) Preliminar 54.2 54.0 53.7
07:30 GMT Germany Markit Services PMI (Apr) Preliminar 55.0 53.4 53.0
08:00 GMT EMU Markit Manufacturing PMI (Apr) Preliminar 53.3 53.0 53.0
08:00 GMT EMU Markit PMI Composite (Apr) Preliminar 54.0 53.1 53.1
08:00 GMT EMU Markit Services PMI (Apr) Preliminar 53.1 52.4 52.2
08:30 GMT UK Bank of England Minutes Vote Unchanged 9 9 9
08:30 GMT UK Public Sector Net Borrowing (Mar) £4.861B £9.100B £7.001B
The market discusses a possibility of QE in EU and situation in Ukraine. As for QE, ECB, Hansson said QE would be operationally complex, a lot of questions about how it could be achieved.
As for Ukraine, Russia’s Lavrov said an attack on Russians is an attack on Russia itself;
-there is no reason not to believe that “Americans are running the show” in Ukraine.
EURO
There was only one chance for the euro to recover – German data. The Manufacturing PMI came out at 54.2 vs 53.9 forecasted, thus triggering some recovery for the pair.
Preliminary Eurozone PMI Manufacturing improved to 53.3 points in April, from 53 points in March, according to data released. PMI Services climbed to 53.1 points in April, from 52.2 the previous month and above expectations of an increase to 52.4. PMI Composite edged up to 54 from 53.1, against forecasts of staying unchanged.
EUR/USD stays below $1.3840. Initial resistance comes at $1.3850 (Monday’s high), then - at $1.3900 with a break above targets $1.3965 (Mar 13 high). Below $1.3800 minor support comes at $1.3740 (Apr 8 lows), extending to $1.3670 (Apr 4 lows).
POUND
The pound continued to look well supported yesterday, trading just shy of the GBPUSD 2014 high. Talk of some significant merger and acquisition activity that generated GBP buying drove some of the Sterling strength, continuing the recent theme of the pound not only being supported by fundamental news but also M&A activity
According to thr MPC minutes released, the BOE MPC voted 9-0 to keep rates and QE on hold. The MPC sees economy growing around 1% Q1 and Q2, sees risks from widening of UK current account, sees risks in low euro area inflation. The memebers note the UK recovery building momentum.
GBP/USD trades a bit below $1.6800. The resistance comes at $1.6880 (Nov 15’2009 high). Support is near $1.6780, below - at $1.6700 and around Tuesday’s lows on $1.6660 with a break under widens losses to $1.6620 (trend support line from Nov 12’2013).
YEN
The yen remains within the range.
USD/JPY fell to Y102.20. The resistance comes at Y103.40 and around Y104.00. Stronger one remains at Y104.30/80. Support comes at Y102.00. Below support comes at Y100.70 (Feb 7 lows).
DATA AHEAD
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