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Euro Gets a Lift From Firm European PMIs

Euro Gets a Lift From Firm European PMIs

2010-07-01 10:26:00
Jonathan Granby;DailyFX Research Team,

 Joel is out of the office and will be returning on the 6th of July


Following yesterdays much lower than expected demand for the ECB 3-month tender all eyes this morning were fixed on the results of a 6-day tender which allows banks paying back part of the 1-year LTRO to roll over funding to next weeks 1-week regular tender. The result showed demand by 78 banks for Eur111.2b (vs 171 banks for 131.9b yest.) bringing the total amount borrowed from the ECB to Eur243.1b which is slightly less than the Eur250b which had been drawn as a line in the sand between acceptable demand vs. panic stations.
Relative Performance Versus The USD on Thursday (as of 10:30GMT) - 

1)SWISSIE          +0.85%
2)EURO               +0.82%
3)KIWI                  +0.23%
4)YEN                   +0.10%
5)AUSSIE              -0.01%
6)STERLING         -0.05%
7)CAD                    -0.05%
While the assumption is that the lower demand yesterday meant that EMU banks were more comfortable than initially thought, traders this morning have received the results of the 6-day tender in a more sober light as risk aversion remains rampant.
Elsewhere in Europe, PMI data dominated the headlines, which for the large part came out very encouragingly. With Swiss, German and Italian PMIs showing solid readings while French and UK readings slipped a tad. The Euro-zone PMI came in unchanged from the May reading and bang on forecasts. This firmer than expected showing has certainly gone some way to mitigate the damage inflicted over-night by the weaker than expected Chinese PMI, confirming a slowdown in growth in China. 
The euro got a significant lift from the better than expected data and is testing investor appetite to push the Eur/Usd pair above 1.2300. Equities remain heavily beaten down on the first day of trade in the third-quarter as sentiment remains in the gutter. 
Elsewhere, news out of Australia indicates a deal will be announced between the government and the big-3 mining companies on Friday. In Sweden, the Riksbank hiked its repo rate 25bp to 0.50% in line with expectations following a string of strong domestic data. Meanwhile, Japan’s Vice-FinMin Ikeda was out talking down the yen saying excessive gains are undesirable for the economy. 
Looking ahead, US initial jobless claims (460K expected) and continuing claims (4570K expected) get things going at 12:30GMT, followed by ISM manufacturing (59.0 expected) at 14:00GMT. Then construction spending (-0.6% expected) and pending home sales (-15.2% expected) are due at 14:00GMT capping data for the session. US equity futures are mildly lower, commodities are diverging with gold modestly bid and oil shedding over 1%.
Written by Jonathan Granby, DailyFX Research Team

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