Littlefish FX Analysts
Littlefish FX
KEY DATA RELEASES TODAY (BST) :
09:00 EUR Flash Services PMI 53.9 v 53.7
09:00 EUR Flash Manufacturing PMI 51.8 v 51.9
09:30 GBP Retail Sales m/m 0.4% v -0.5%
12:30 EUR ECB Monetary Policy Meeting Accounts
13:30 USD Unemployment Claims 271K v 264K
14:45 USD Flash Manufacturing PMI 54.6 v 54.2
15:00 USD Philly Fed Manufacturing Index 8.1 v 7.5
15:00 USD Existing Home Sales 5.23M v 5.19M
18:30 USD FOMC Member Fischer Speaks
18:30 EUR ECB President Draghi Speaks
00:00 USD FOMC Member Williams Speaks
OVERNIGHT:
FOMC minutes demonstrated a reluctance by the FED to raise rates at the June meeting due to weak first quarter economic data although the board do view current weakness as transitory. USD was mixed in post minutes trading initially pulling back before settling around pre minutes levels and currently trades above pivotal 95.30 support.
EURUSD weighed by continuing Greek concerns with Greek Fin Min Varoufakis stating that Greece would pay state pensions and workers ahead of IMF. Moody’s sees a growing risk of capital controls and deposit freezes in Greece as savers seek to withdraw cash ahead of a feared Greek Eurozone exit.
GBPUSD decline ran into bids on the first dip below 1.55 on the back of more hawkish than expected MPC minutes, interbank reports suggest decent bids down to 1.5450 level with sellers camped out towards 1.56.
USDJPY broke its eight week range to the topside printing 121.49 before some profit taking post FOMC minutes as a decline in UST yields began to weigh on the USD advance.Another factor in the stalling was a Nikkei release claiming that the BOJ may raise economic view post Q1 GDP which many traders feel would see a push back in further monetary easing expectations
KEY TRADES:
All comments, charts and analysis on this website are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this site, always do your own analysis.
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