News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here: https://t.co/lZFM8youtX https://t.co/Xja8DHUqlH
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/9po5Lg4vnR
  • The Japanese Yen is eyeing the upcoming Bank of Japan rate decision and CPI figures, but JPY crosses will likely remain dependent on broader market sentiment. Get your weekly $JPY forecast from @FxWestwater here: https://t.co/x9rbQpPfWe https://t.co/2x1R5XTVea
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/uCaWQiu4Ly
  • Crude and Brent oil are on track to extend higher as Gulf Coast supply disruptions and a positive OPEC report bolster sentiment. Uranium is on a massive surge, aided by the famous Wall Street Bets group. Get your market update from @FxWestwater here:https://t.co/XrpV0jcy8e https://t.co/g2To3LmUah
  • RT @michaeljburry: Read thread.
  • The Australian Dollar has retraced from August lows when looking at AUD/JPY and AUD/CAD. However, the AUD/NZD downtrend is intact, will a reversal there appear as well? Find out: https://t.co/8LmgqLLGJO https://t.co/AueigVsuk4
  • The S&P 500, Dow Jones and DAX 30 could be at risk of falling as retail traders continue increasing their upside exposure in these indices. What are the key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/OJByiwIppr https://t.co/P1iOONG90N
  • The US Dollar continues to hold its ground against most ASEAN currencies as recent downtrends lose momentum. What is the road ahead for USD/SGD, USD/THB, USD/PHP and USD/IDR? Find out from @ddubrovskyFX here:https://t.co/UcleaZEAaW https://t.co/62bGLvt8fE
  • The Canadian Dollar has been caught in broad ranges against the Euro and the US Dollar, but can the upside bias in USD/CAD and EUR/CAD prolong? Find out here:https://t.co/8DubboXsjv https://t.co/A0sIYo2iP1
Euro Drops on Greece Fears, Pound Looks to PMI for BOE Rates Cues

Euro Drops on Greece Fears, Pound Looks to PMI for BOE Rates Cues

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • Euro Likely to Look Beyond German CPI Gain, Drops on Greece Worries
  • British Pound Eyeing UK Manufacturing PMI for BOE Rates Outlook Cues
  • See Economic News Directly on Your Charts with the DailyFX News App

The Euro underperformed at the start of the trading week, falling as much as 0.4 percent on average against its top counterparts. The move appeared to reflect Greece-related worries amid concerns that Athens will be unable to repay over €300 million due to the IMF on Friday, triggering events leading to insolvency and a possible ejection from the Eurozone.

The Australian and New Zealand Dollars proved best-supported on the session, adding as much as 0.6 and 0.4 percent. The move appeared corrective after the two currencies suffered the deepest losses among the majors against the US Dollar last week. A pickup in Chinese Manufacturing PMI may have also helped. The gauge advanced to 50.2, showing the pace of factory-sector activity growth hit the fastest since November 2014.

May’s UK Manufacturing PMI data headlines the economic calendar in European trading hours. A rebound to 52.5 is expected after the index dropped to a seven-month low at 51.9 in April. UK economic news-flow has increasingly underperformed relative to consensus forecasts over recent months, opening the door for a downside surprise. Such an outcome may weigh on the British Pound as traders push out the expected timeline for the first post-crisis BOE interest rate hike.

The preliminary set of May German CPI data is likewise due to cross the wires. The headline year-on-year inflation rate is expected to rise to 0.7 percent, the highest in seven months. The outcome seems unlikely to meaningfully drive the Euro however considering its limited implications for near-term ECB policy bets.

New to FX? START HERE!

Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

AiG Perf of Mfg Index (MAY)

52.3

-

48.0

23:50

JPY

Capital Spending (YoY) (1Q)

7.3%

-0.2%

2.8%

23:50

JPY

Capital Spending Ex Software (1Q)

8.1%

2.0%

3.9%

23:50

JPY

Company Profits (1Q)

0.4%

-

11.6%

23:50

JPY

Company Sales (1Q)

-0.5%

-

2.4%

23:50

JPY

Loans & Discounts Corp (YoY) (APR)

2.63%

-

3.01%

00:30

AUD

TD Securities Inflation (MoM) (MAY)

0.3%

-

0.3%

00:30

AUD

TD Securities Inflation (YoY) (MAY)

1.4%

-

1.4%

01:00

CNY

Manufacturing PMI (MAY)

50.2

50.3

50.1

01:00

CNY

Non-manufacturing PMI (MAY)

53.2

-

53.4

01:30

AUD

Company Operating Profit (QoQ) (1Q)

0.2%

0.0%

-0.4%

01:30

AUD

Inventories SA (QoQ) (1Q)

0.4%

0.1%

-0.8%

01:30

AUD

Building Approvals (MoM) (APR)

-4.4%

-1.8%

2.9%

01:30

AUD

Building Approvals (YoY) (APR)

16.3%

20.5%

24.6%

01:35

JPY

Markit/JMMA Japan Manufacturing PMI (MAY F)

50.9

-

50.9

01:45

CNY

HSBC China Manufacturing PMI (MAY F)

49.2

49.2

49.1

05:00

JPY

Vehicle Sales (YoY) (MAY)

1.4%

-

5.0%

06:30

AUD

RBA Commodity Index AUD (MAY)

79.2

-

81.0

06:30

AUD

RBA Commodity Index SDR (YoY) (MAY)

-19.5%

-

-20.7%

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

07:30

CHF

Manufacturing PMI (MAY)

47.8

47.9

Medium

07:45

EUR

Markit/ADACI Italy Manufacturing PMI (MAY)

53.6

53.8

Low

07:50

EUR

Markit France Manufacturing PMI (MAY F)

49.3

49.3

Low

07:55

EUR

Markit/BME Germany Manufacturing PMI (MAY F)

51.4

51.4

Medium

08:00

EUR

Markit Eurozone Manufacturing PMI (MAY F)

52.3

52.3

Medium

08:30

GBP

Markit UK PMI Manufacturing SA (MAY)

52.5

51.9

High

12:00

EUR

German CPI (MoM) (MAY P)

0.1%

0.0%

High

12:00

EUR

German CPI (YoY) (MAY P)

0.7%

0.5%

High

12:00

EUR

German CPI - EU Harmonized (MoM) (MAY P)

0.1%

-0.1%

Medium

12:00

EUR

German CPI - EU Harmonized (YoY) (MAY P)

0.6%

0.3%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0813

1.0893

1.0940

1.0973

1.1020

1.1053

1.1133

GBPUSD

1.5080

1.5185

1.5238

1.5290

1.5343

1.5395

1.5500

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

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES