UK GDP grew 0.5% mom in June, well above expectation of 0.2% mom. UK GDP rose 0.5% mom in Jun, up 0.2% qoq in Q2 PPI ex-foods, energy and trade services rose 2.7% yoy. PPI ex-food, energy, and trade services rose 0.2% mom.įor the 12 months ended in July, PPI rose 0.8% yoy, above expectation of 0.7% yoy. PPI services rose 0.5% mom while PPI goods edged up 0.1% mom. US PPI for final demand rose 0.3% mom in July, above expectation of 0.2% mom. US PPI up 0.3% mom in Jul, services rose 0.5% mom, goods rose 0.1% mom In Europe, at the time of writing, FTSE is down -1.40%. Let’s see if we’ll know the answer today, or next week. Break of last week’s low at 1.0911, and sustained trading below the EMA will set up deeper fall to 1.0634 support, even as a correction to the up trend from 0.9534. Technically, the support from 55 D EMA looks insufficient to prompt a stronger rebound in EUR/USD. Commodity-linked currencies are trailing closely behind Yen, while Euro and Swiss Franc are managing to hold firmer ground. Yen, meanwhile, is on track to finish at the bottom of the performance chart, showing no signs of a rebound. However, the enthusiasm seems to be waning, with no evident sustained buying. Speaking of European currencies, British Pound is the standout, drawing strength from an upbeat UK GDP data report released earlier in the day. The remaining question is whether its momentum is strong enough to break out from the near term range against European majors. If this buying momentum sustains, the greenback could well close out the week as the top performer. Adding to its strength are mild risk aversion sentiments and continued rebound in Treasury yields. Dollar is making slight gains in early US session, buoyed by slightly better-than-expected PPI data release.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |