fxsoriginal  Daily market outlook on Major

Update Time: 02 Aug 2021 09:30GMT.

USD/JPY - 109.65

The greenback's selloff following the Federal Reserve's dovish hold on Wednesday and yesterday's release of soft U.S. GDP data to 109.37 in Australia today suggests correction from July's bottom at 109.07 has ended at 110.59 last Friday and consolidation with downside bias remains for a re-test of said support, break would extend Medium Term decline to 108.70/80 before prospect of a rebound.

On the upside, only above 110.28 would indicate a temporary low has been made and risk stronger gain to 110.59 again.

Data to be released later

Australia AIG manufacturing PMI, manufacturing PMI, Japan Jibun Bank manufacturing PMI, consumer confidence, China caixin manufacturing PMI.

Germany retail sales, Markit manufacturing PMI, Swiss CPI, retail sales, manufacturing PMI, Italy Markit manufacturing PMI, France Markit manufacturing PMI, EU Markit manufacturing PMI, U.K. Markit manufacturing PMI.

Canada market holiday, U.S. Markit manufacturing PMI, construction spending and ISM manufacturing PMI on Monday.

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