Intra-day Market Moving News and Views
03 Jul 2015 02:46GMT
GBP/USD - 1.5608... Although cable staged a rebound from a fresh 2-1/2 week trough at 1.5580 in European morning on Thur n climbed to 1.5624 after release of upbeat Markit/CIPS construction PMI, active cross-selling in sterling knocked price lower to 1.5562 in NY morning before broad-based weakness in the greenback lifted price briefly to 1.5640 after tepid U.S. jobs data. Later, cable edged lower to 1.5592 near NY close and then climbed back to 1.5624 in Asia on Friday.
Today's focus for the British pound is on the release of important Markit/CIPS service PMI at 08:30GMT.
Street forecast is for reading to improve to 57.4 in June compares to 56.5 in previous month. Until then, sideways range trading inside yesterday's intra-day range of 1.5562-1.5640 is likely to be seen.
At the moment, bids are tipped in 1.5580-60 region with stops building below 1.5550, whilst offers are reported at 1.5630-40 with selling interest from various accounts up from 1.5660 to 1.5680.
Friday will see the release of Australia's retail sales, China's HSBC services PMI, Germany's and U.K. Markit services PMI, eurozone retail sales. U.S. will be closed for Independece Day holiday on Friday.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.