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Pound Looks to PMI Data to Fuel Selloff After Hitting 7-Week Low

Pound Looks to PMI Data to Fuel Selloff After Hitting 7-Week Low

2014-08-04 04:09:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • British Pound Looks to Construction PMI Data to Fuel Continued Selling
  • Australian Dollar Strengthened as Risk Appetite Firmed in Overnight Trade
  • View Economic Data Releases on Your Charts with the DailyFX News App

The UK Construction PMI figure headlines an otherwise lackluster European economic calendar. Expectations point to a narrow slowdown in the pace growth in the home-building sector, with the index slipping to 62.0 in July after printing at a four-month high of 62.6 in the previous month.

UK data flow has increasingly deteriorated relative to expectations since late February, hinting analysts are over-estimating the health of the economy and opening the door for a downside surprise. Such an outcome may dent Bank of England interest rate hike bets and weigh on British Pound.

The Australian Dollar narrowly outperformed in overnight trade, rising as much as 0.2 percent on average against its leading counterparts. The move tracked advancing S&P 500 futures, hinting the sentiment-linked currency was riding the coattails of a recovery in risk appetite following last week’s blood-letting.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

1:00

CNY

China Non-manufacturing PMI (JUL)

54.2

-

55.0

23:50

JPY

Monetary Base (YoY) (JUL)

42.7%

-

42.6%

23:50

JPY

Monetary Base (End of Period) (JUL)

¥243.2T

-

¥243.4T

0:30

AUD

TD Securities Inflation (MoM) (JUL)

0.2%

-

0.0%

0:30

AUD

TD Securities Inflation (YoY) (JUL)

2.6%

-

3.0%

1:00

NZD

ANZ Commodity Price (JUL)

-2.4%

-

-0.9%

1:30

AUD

Retail Sales s.a. (MoM) (JUN)

0.6%

0.3%

-0.3%

1:30

AUD

Retail Sales ex Inflation (QoQ) (2Q)

-0.2%

-0.5%

1.3%

1:30

AUD

ANZ Job Advertisements (MoM)

-2.8%

-

4.4%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:30

CHF

procure.ch Manufacturing PMI (JUL)

53.1

54.0

Low

8:30

GBP

Markit/CIPS UK Construction PMI (JUL)

62.0

62.6

Medium

8:30

EUR

Eurozone Sentix Investor Confidence (AUG)

9.0

10.1

Low

9:00

EUR

Eurozone Producer Price Index (YoY) (JUN)

-1.0%

-1.0%

Low

9:00

EUR

Eurozone Producer Price Index (MoM) (JUN)

0.0%

-0.1%

Low

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.3285

1.3351

1.3389

1.3417

1.3455

1.3483

1.3549

GBPUSD

1.6685

1.6764

1.6792

1.6843

1.6871

1.6922

1.7001

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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