Market Roundup
- EUR/USD up on Greek optimism, 1.0915 to 1.1040.
- German Die Welt sources, “now have agreement among Troika on proposal”.
- EUR/GBP squeeze to 0.7233 from 0.7183, CB demand touted.
- GBP/USD set to snap a 7-day losing run, rebound to 1.5269.
- Greek election rumours doing the rounds, June 28 or July 5.
- Greek PM Trsipras- We have already made concessions.
- Germany May Unemployment change SA -6k vs -8k previous, -10k expected.
- Germany May Unemployment rate SA 6.4% vs 6.4% previous, 6.4% expected.
- UK April BoE consumer Credit +1.173bln vs 1.242bln previous, 1.0 bln expected.
- UK April Mortgage Lending, +1.735bln vs 1.829bln previous, 1.9bln expected.
- UK May Construction PMI 55.9 vs 54.2 previous, 55.0 expected.
- Euro Zone May flash CPI 0.3% yy vs 0.2% previous, 0.0% expected.
- Euro Zone April Producer Prices -2.2% yy vs -2.3% previous, -2.0% expected.
- Japan Fin Min Aso – Eyeing FX moves closely.
Economic Data Ahead
- (0945 ET/1345 GMT) US ISM-New York Index (May) (previous 58.1).
- (1000 ET/1400 GMT) US Factory Orders April consensus +0.0% m/m, previous +2.1%.
- (1000 ET/1400 GMT) US Ex-Trans Factory Orders Apr previous -0.1% m/m.
- (1000 ET/1400 GMT) Core Factory Orders April.
- N/A Vehicle Sales May consensus 17.00mln, previous 16.50mln.
- N/A Domestic Car Sales May consensus 5.41m, previous 5.31m.
- N/A Domestic Light Truck Sales May previous 8.00mln, previous 7.86mln.
Key Events Ahead
- (0945 ET/1345 GMT) Fed Trade ops 30-year G.Mae max $1.000bln.
- (1145 ET/1545 GMT) Fed Trade ops 30-year F./ Fr Mac max $1.750bln.
FX Recap
EUR/USD is supported just above 1.1000 levels and currently trading at 1.1028 levels. It has made intraday high at 1.1037 and low at 1.0914 levels.Today Spain and Germany released Job data; it was flat and negative respectively. Italian banks were closed in observance of National Day. Pair boosted after core consumer prices in the euro area rose more than previously estimated on a year to May, 0.9% vs. 0.7% expected; headline consumer prices also surprised to the upside, gaining 0.3% YoY vs. 0.2% anticipated. Initial support is seen at 1.0859 and resistance is seen around 1.1041 levels. Option expiries are at 1.0900 (1BLN), 1.0980 (883M), 1.1000 (1.4BLN).USD/JPY is supported above 124.50 levels and posted a high of 125.04 levels. It has made intraday low at 124.41 and currently trading at 124.72 levels. The dollar hit a 12 1/2-year high against the yen in Asian trade before pulling back to trade down against the Japanese currency and the euro. Today in Asian session, Japan released monetary base data with positive numbers and 10 year bond auction. Next of relevance for the pair will be US Factory Orders, expected to come in flat on a monthly basis during April, followed by the Total Vehicle Sales in May and the IBD/TIPP Economic Optimism gauge. Near term resistance is seen at 125.39 levels and support is seen at 124.31 levels. Option expiries are at 124.00 (550M), 124.75 (200M).GBP/USD is supported above $1.5200. It made an intraday high at 1.5268 and low at 1.5178 levels. Pair is currently trading at 1.5255 levels. The pair climbed higher this session after a survey tracking the development in the UK’s construction data beat estimates, while the latest report from the Bank of England showed that mortgage approvals hit a 14-month high. Initial support is seen at 1.5167 and resistance is seen around 1.5305 levels. Option expiry is at 1.5000 (546M). USD/CHF is supported around 0.9400 levels and trading at 0.9398 levels and made intraday low at 0.9389 and high at 0.9465 levels. Today was data free session for Switzerland. Near term support is seen at 0.9285 levels and resistance is seen at 0.9571 levels. Option expiry is at USD/CHF: 0.9455 (310M).AUD/USD is supported above 0.7650 levels and trading at 0.7677levels. It has made intraday high at 0.7707 levels and low at 0.7602 levels. The Aussie was boosted and jumped after the central bank left its monetary policy unchanged today, while keeping doors open for further rate cuts depending on economic conditions. In addition, RBA also repeating its too strong Aussie dollar comment with Governor Glenn Stevens stating it was both necessary and likely that the Australian dollar would depreciate further. Initial support is seen at 0.7619 and resistance at 0.7752 levels. Option expiry is at 0.7725 (458M).
The material has been provided by InstaForex Company – www.instaforex.com