Data released:
07:00 GMT Spain Unemployment Change (Apr) -111.6K -49.1K -16.6K
07:15 GMT Spain Markit Services PMI (Apr) 56.5 54.4 54.0
07:45 GMT Italy Markit Services PMI (Apr) 51.1 50.4 49.5
07:50 GMT France Markit Services PMI (Apr) 50.4 50.3 51.5
07:55 GMT Germany Markit Services PMI (Apr) 54.7 55.0 53.0
08:00 GMT EMU Markit Services PMI (Apr) 53.1 53.1 52.2
08:00 GMT EMU Markit PMI Composite (Apr) 54.0 54.0 53.1
08:30 GMT UK Markit Services PMI (Apr) 58.7 57.6 57.6
09:00 GMT EMU Retail Sales (YoY) (Mar) 0.9% 1.0% 1.0%
09:00 GMT EMU Retail Sales (MoM) (Mar) 0.3% -0.2% 0.1%
The euro rose significantly. In Europe, the question is whether the Euro will follow the ECB/Fed standoff or remain in thrall to tightening peripheral bond spreads. EUR/USD to be a lot lower once the Fed hiking cycle is actually underway, but for now could still break 1.40 on a position-adjustment.
OECD sees eurozone GDP at 1.2% 2014, 1.7% 2015:
-CPI 0.7% 2014, 1.1% 2015;
-core CPI 0.9% 2014, 1.1% 2015;
-unemployment 11.7% 2014, 11.4% 2015.
EURO
Earlier data showed Spain's unemployment declined by 111,565 in April, exceeding the -49,100 expected, while the country's services PMI reached a 7-year high of 56.5 (versus 54.4 forecast), signaling expansion in the sector.
Later Eurozone Services PMI expansion accelerated to 53.1 in April, from 52.2 in March, in line with forecasts. PMI Composite climbed to 54 from 53.1, as projected.
German PMI Services grew to 54.7 points in April, following a 53 point reading the previous month, that is below expectations of a rise to 55.
EUR/USD broke above the $1.3900 mark to a fresh 7-week high at $1.3940. Further resistance comes T $1.3965 (Mar 13 highs). Below $1.6820 losses may widen to $1.3760 (61.8% of the $1.3670 - $1.3900 rally).
POUND
The British pound rose to levels not seen since at least 2009 against the dollar on Tuesday after data showed a marked increase in U.K. service-sector activity.
UK Markit services PMI rose to 58.7 in April versus 57.6 expected.
GBP/USD rose to $1.6970. Above resistance comes at $1.7040 (Aug 2’2009 high). Below $1.6820 support comes at $1.6780 with a break under widens losses to $1.6700 and around Apr 15 lows on $1.6660.
YEN
Japan’s currency touched a two-week high against the dollar as violence in Ukraine spread and after Bank of Japan Governor Haruhiko Kuroda said in an interview with CNBC the economic recovery is on track, damping speculation the central bank will add to monetary stimulus.
USD/JPY currently below Y102.00. Below Y101.75 support comes at Y101.30 (Apr 10 lows) and Y100.70 (Feb 7 lows). Initial resisatance is around Y102.75. Further resistance comes at Y103.40 and around Y104.00. Stronger one remains at Y104.30/80.
DATA AHEAD
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