2 Jun 2014
Session Recap: Euro weighed by PMIs
FXStreet (Córdoba) - It was a lively session for the Euro amid Eurozone PMIs releases as investors await the ECB meeting Thursday.
The EUR/USD was weighed by disappointing PMIs across the Eurozone and soft German inflation figures ahead of the Eurozone CPI tomorrow. The EUR/USD remains vulnerable near recent lows ahead of teh European Central Bank policy meeting Thursday.
Consensus is now calling for cuts of the 3 main rates. However, with much of this move already priced in, EUR bears might want to take profits if the bank does not surprise.
The EUR/USD fell to a low of 1.3593 before quickly bouncing back above 1.3600. Elsewhere, majors had a quiet session. The GBP/USD was steady around 1.6750 while the USD/JPY steadied around 102.00 after rising during Asian hours. The USD/CHF moved in tandem (although inversely) with the EUR/USD and reached a 5-day high of 0.8985 before pulling back.
Meanwhile, the Aussie is among the worst performers weighed by weak Aus building permits. The AUD/USD hit a 4-day low of 0.9242 before bouncing slightly.
During the New York session watch for US Markit manufacturing PMI, the ISM manufacturing index and construction spending.
Main Headlines in Europe:
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
European stocks open broadly higher
Fed's Evans: Inflation expected to remain below 2% for some time
Germany: PMI Manufacturing slides to 52.3 in May
EMU: PMI Manufacturing drops more than expected in May
The EUR/USD was weighed by disappointing PMIs across the Eurozone and soft German inflation figures ahead of the Eurozone CPI tomorrow. The EUR/USD remains vulnerable near recent lows ahead of teh European Central Bank policy meeting Thursday.
Consensus is now calling for cuts of the 3 main rates. However, with much of this move already priced in, EUR bears might want to take profits if the bank does not surprise.
The EUR/USD fell to a low of 1.3593 before quickly bouncing back above 1.3600. Elsewhere, majors had a quiet session. The GBP/USD was steady around 1.6750 while the USD/JPY steadied around 102.00 after rising during Asian hours. The USD/CHF moved in tandem (although inversely) with the EUR/USD and reached a 5-day high of 0.8985 before pulling back.
Meanwhile, the Aussie is among the worst performers weighed by weak Aus building permits. The AUD/USD hit a 4-day low of 0.9242 before bouncing slightly.
During the New York session watch for US Markit manufacturing PMI, the ISM manufacturing index and construction spending.
Main Headlines in Europe:
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
European stocks open broadly higher
Fed's Evans: Inflation expected to remain below 2% for some time
Germany: PMI Manufacturing slides to 52.3 in May
EMU: PMI Manufacturing drops more than expected in May