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High
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of clients are net short.
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  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.01% US 500: 0.01% Germany 30: -0.43% FTSE 100: -0.58% France 40: -0.59% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/ooxGN9fkOW
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  • Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Mar 05, 2021 when Wall Street traded near 31,529.20. A contrarian view of crowd sentiment points to Wall Street weakness. https://www.dailyfx.com/sentiment https://t.co/zeXYkoKVW6
  • Nasdaq extends its selloff as tech stocks slide further due to surging bond yields. Get your #Nasdaq market update from @RichDvorakFX here: https://t.co/eEeeFpFYiF https://t.co/AFfRIHZMgr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in GBP/USD are at opposite extremes with 67.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dhdLOMU0TX
British Pound May Fall as PMI Data Undercuts BOE Rate Hike Bets

British Pound May Fall as PMI Data Undercuts BOE Rate Hike Bets

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • British Pound May Fall as June PMIs Undercut BOE Tightening Speculation
  • Australian Dollar Drops as Soft Retail Sales Data Inspires RBA Rate Cut Bets
  • See Economic Releases Directly on Your Charts with the DailyFX News App

The final set of June’s UK PMI data figures headlines the economic calendar in European trading hours. The composite index is expected to show the pace of manufacturing- and service-sector activity growth rebounding after sliding to a five-month low in May. UK news-flow has tended to underperform relative to consensus forecasts recently, opening the door for a downside surprise. Such an outcome may push back BOE rate hike expectations, weighing on the British Pound.

The Australian Dollar underperformed in overnight trade, falling as much as 0.9 percent on average against its top counterparts. The decline followed a disappointing Retail Sales report. Receipts grew 0.3 percent in May, falling short of forecasts calling for a 0.5 percent increase. April’s reading was also revised downward to reveal a 0.1 percent contraction. The Aussie’s drop tracked a slide in front-end bond yields, suggesting soft news-flow inspired RBA rate cut speculation.

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Asia Session

GMT

CCY

EVENT

ACT

EXP

PREV

23:30

AUD

AiG Perf of Services Index (JUN)

51.2

-

49.6

01:30

AUD

Retail Sales (MoM) (MAY)

0.3%

0.5%

-0.1%

01:35

JPY

Nikkei Japan PMI Services (JUN)

51.8

-

51.5

01:35

JPY

Nikkei Japan PMI Composite (JUN)

51.5

-

51.6

01:45

CNY

HSBC China Composite PMI (JUN)

50.6

-

51.2

01:45

CNY

HSBC China Services PMI (JUN)

51.8

-

53.5

European Session

GMT

CCY

EVENT

EXP

PREV

IMPACT

07:45

EUR

Markit/ADACI Italy Services PMI (JUN)

52.3

52.5

Low

07:45

EUR

Markit/ADACI Italy Composite PMI (JUN)

53.3

53.7

Low

07:50

EUR

Markit France Services PMI (JUN F)

54.1

54.1

Low

07:50

EUR

Markit France Composite PMI (JUN F)

53.4

53.4

Low

07:55

EUR

Markit Germany Services PMI (JUN F)

54.2

54.2

Medium

07:55

EUR

Markit/BME Germany Composite PMI (JUN F)

54.0

54.0

Medium

08:00

EUR

Markit Eurozone Services PMI (JUN F)

54.4

54.4

Medium

08:00

EUR

Markit Eurozone Composite PMI (JUN F)

54.1

54.1

Medium

08:30

GBP

Official Reserves Changes (JUN)

-

-$324M

Low

08:30

GBP

Markit/CIPS UK Services PMI (JUN)

57.5

56.5

High

08:30

GBP

Markit/CIPS UK Composite PMI (JUN)

56.7

55.8

High

09:00

EUR

Eurozone Retail Sales (MoM) (MAY)

0.1%

0.7%

Medium

09:00

EUR

Eurozone Retail Sales (YoY) (MAY)

2.3%

2.2%

Medium

Critical Levels

CCY

Supp 3

Supp 2

Supp 1

Pivot Point

Res 1

Res 2

Res 3

EURUSD

1.0901

1.099

1.1037

1.1079

1.1126

1.1168

1.1257

GBPUSD

1.5455

1.553

1.5569

1.5605

1.5644

1.5680

1.5755

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

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

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