Eur/usd - page 302
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June 2015 Spain PPI 0.9% vs 0.3% prior m/m
Details of the June 2015 Spain PPI data report 24 July 2015
July 2015 German Markit/BME manufacturing PMI flash 51.5 vs 51.9 exp
July 2015 German Markit/BME manufacturing, services and composite PMI flash data report 24 July 2015
Slightly worse but it's not all bad news on the orders front for Services and the comp
What isn't good news is that German manufacturing export orders fell for the first time since Jan, while input costs rose for the 5th straight month. Markit noted that some firms passed these costs on. That suggests some inflationary pressure but won't help competitiveness
EURUSD doesn't find any reason to like the numbers and sinks to 1.0940 from 1.0960
source
Euro Zone Factories Report Summer Fatigue: July Flash PMI
The manufacturing sector results across the euro zone pointed to weaker output in July, flash data showed on Friday.
Meanwhile, the services sector continued to report healthy activity, albeit at a slightly slower pace than a month ago, the fresh preliminary report from Markit Economics showed.
The flash manufacturing PMI for the euro zone came in at 52.2 points in July, compared to 52.5 in June. Analysts had bet on a reading of 52.5 points.
The region's services PMI maintained healthy expansion, with the flash reading booking 53.8points in the measured month, down from 54.4 a month ago, and below analysts' estimates of 54.2 points.
Moreover, the closely-watched composite PMI came in at 53.7 points, compared to 54.2 in June. Market watchers had expected a 54.0 result.
"Euro zone economic growth lost only slight momentum in July amid the rollercoaster events of the Greek debt crisis during the month. The rate of expansion remained reassuringly robust to suggest that it was by-and-large ‘business as usual’ for the region as a whole," Chris Williamson, chief economist at Markit, stated.
Germany slows
The German manufacturing sector saw a slight decrease in its pace of growth in July with the respective PMI reading coming below estimates, flash data showed.
July's preliminary PMI for Germany's manufacturing sector fell to 51.5, down from June's final reading of 51.9 points. Analysts had bet the reading would remain the same in the reported period.
Meanwhile, the German services sector was also on a slightly weaker footing in the seventh month of the year, hitting 53.7 points when compared to the 53.8 reading in June.
France disappoints
Business activity in France's manufacturing sector stumbled in July, a flash survey showed on Friday, while the services sector also showed slowing activity.
The flash manufacturing PMI in France came in at 49.6 in the seventh month of the year, worse than the final reading of 50.7 seen in June, and below expectations of 50.8.
The flash services PMI came in at 52.0 in the reported month, compared to the 54.1 seen in the sixth month of the year. Analysts had expected a 53.8 result.
source
Yesterday the EURUSD rose breaking above the 10-day moving average and closed in the green near the high of the day. This movement suggests another push upward today but only above previous day high at 1.1018 and if the currency does not overcome that level we may expect some kind of consolidation.
Credit Agricole says it's too soon to sell EUR/USD
EUR/USD is up 130 pips this weekIt's down 33 pips to 1.0950 today.
Here's what Credit Agricole has to say about the euro:
"The EUR has been well supported of late, regardless of strongly capped monetary policy expectations. It seems that for now risk sentiment is a more important currency driver than rate expectations. This is especially true when considering that the EUR has been widely used as a funding currency during the last few weeks and months.
In the very short-term further position-squaring related upside risk cannot be excluded as tighter monetary conditions as driven by the Fed and intact uncertainty as related to China may keep risk sentiment unstable. Most recent China PMI releases keep investors' growth expectations strongly muted. However, from a broader angle, we expect risk sentiment to stabilize anew. This is mainly due to the notion that further improving growth prospects should ultimately compensate for rising Fed rate expectations.
Elsewhere, a further appreciating EUR would increase downside risks to inflation and that may trigger a more aggressive rhetoric by ECB members.
As a result to the above outlined conditions we remain in favour of selling EUR rallies towards 1.1100- 1200."
source
The single currency registered an increase against the dollar on Thursday after an upward trend throughout the day. The session started at a price of 1.0926, and in the afternoon the pair reached the highest level for the day at 1.1016. The day ended at a price of 1.0982 and if the upward move continues it’s most likely to break the first resistance at 1.1034.
Today was another relatively slow day for EUR/USD and the pair once again failed to break above 1.1000. It looks like we'll have to wait until next week for that to happen.
Today was another relatively slow day for EUR/USD and the pair once again failed to break above 1.1000. It looks like we'll have to wait until next week for that to happen.
It was one more SNB day - they can not hide any more that they are doing the same thing over and over. There is no forex market any more - just a rigged forex market
EUR/USD weekly outlook: July 27 - 31
The euro was little changed against the broadly stronger dollar on Friday following the release of mixed U.S. economic reports, while talks on a new bailout package for Greece were delayed until Monday.
EUR/USD was at 1.0984 in late trade, unchanged for the day. For the week, the pair was up 1.41%.
Data on Friday showed that sales of new homes in the U.S. fell to a seven-month low in June, but another report showed that manufacturing activity edged higher this month.
The Commerce Department reported that sales of new homes fell 6.8% last month, to an annual rate of 482,000 units, the lowest level since November.
May's figure was revised down to 517,000 units from the previously reported 546,000 units.
A separate report showed that the Markit manufacturing index ticked up to 53.8 this month from 53.6 in June, which was the slowest pace since October 2013.
The mixed data came as investors were turning their attention to the upcoming Federal Reserve policy announcement on Wednesday amid ongoing speculation over the timing of an initial interest rate hike.
On Friday, the Fed mistakenly published a staff projection pointing to a quarter point rate hike later this year.
The dollar has been boosted by expectations that the U.S. central bank could raise rates as soon as September if the economy continues to improve as expected.
The single currency remained supported as talks between Greece and its international creditors on a new bailout package were delayed until Monday.
Talks had been expected to start on Friday but were delayed by logistical issues, including security matters.
A new agreement must be reached before August 20 when Greece must repay more than €3 billion to the European Central Bank.
In the week ahead, investors will be focusing on Wednesday’s monetary policy announcement by the Fed. Developments in Greece and euro zone inflation data will also be closely watched.
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I like this pair a lot; this is my lucky pair.