Market Roundup
- China April HSBC/Markit China Services PMI Rises to 52.9, Vs 52.3 in March
- PBOC Sets Yuan Mid-Point at 6.1156 / Dlr Vs Last Close 6.2062
- Australia March Retail Sales +0.3% M/M S/Adj (Reuters Poll +0.4%)
- Australia Q1 Chain Volume Retail Sales +0.7% Q/Q S/Adj (Reuters Poll +0.9%)
- Brent Crude Oil Futures Climb $1 to $68.52 a Barrel, a 2015 High
- U.S. Crude Oil Climbs More Than $1 To $61.45 a Barrel; Hits Fresh 2015 High
- Hong Kong April PMI Falls to 48.6 Vs 49.6 in March, New Orders from China Shrink for 9th Month
- Fitch: Thai Rate Cut No Panacea for Feeble Economy
- Kocherlakota Repeats that Fed should not Raise Rates until at Least Next Year
- UK April BRC Shop Price Inflation -1.9%y/y Vs -2.1%y/y in March
- UK's NIESR cuts UK 2015 GDP forecast to +2.5% from +2.9% (2014 GDP: +2.8%)
- New Zealand Q1 S/Adj Unemployment Rate 5.8% (Reuters Poll 5.5%)
- New Zealand Q1 S/Adj Employment Rate +0.7% (Reuters Poll +0.8%)
- New Zealand Q1 Participation Rate 69.6% (Reuters Poll 69.4%)
- New Zealand Q1 LCI Private Sector Wages (Ex-O'time) +0.3% on Pvs Qtr (Poll +0.4%)
- New Zealand Q1 LCI Private Sector Wages (Ex-O'time) +1.8% on Year Ago (Poll +2.0%)
Economic Data Ahead
- (0245 EDT/ 0645 GMT) France Ind Investment (Current Year) Previous 3%
- (0315 EDT/ 0715 GMT) Spain Services PMI Consensus 57.4, previous 57.3
- (0345 EDT/ 0745 GMT) Italy Markit/ADACI Svcs PMI Consensus 52.0, previous 51.6
- (0350 EDT/0750 GMT) France Markit Serv PMI, Consensus 50.8, previous 50.8
- (0350 EDT/0750 GMT) France Markit Comp PMI, previous 50.2
- (0355 EDT/ 0755 GMT) Germany Markit Comp Final PMI, , Consensus 54.4, previous 54.4
- (0355 EDT/ 0755 GMT) Germany Markit Services PMI, Previous 54.4
- (0400 EDT/0800 GMT) Euro Zone Markit Comp Final PMI, Consensus 53.5, previous 53.5
- (0400 EDT/0800 GMT) NO Housing Prices
- (0400 EDT/0800 GMT) EZ Markit Services Final PMI, Consensus 53.7, previous 53.7
- (0430 EDT/0830 GMT) UK Markit/CIPS Serv PMI, Consensus 58.5, previous 58.9
- (0500 EDT/ 0900 GMT) EZ Retail Sales, Consensus -0.7, previous -0.2
Key Events Ahead
- (0530 EDT/0930 GMT) GERMANY 2Y 5.000B 16/06/17 NEW
- (0600 EDT/ 1000 GMT) Sweden Riksbank Governor Ingves speech
- (0915 EDT/ 1315 GMT) US Fed's Yellen, IMF's Large speak on panel in Washington
FX Recap
EUR/USD is trading at 1.1230 levels and made high of 1.1241 so far. In European session Spain, France, Italy and Germany Service PMI data will be main focus today. Euro zone is going to publish Retails sales data as well. Double-top formed ahead of 1.1225 with break targeting 1.1274 levels. Near term support is at 1.1070 and 1.0958 levels. On the top side, resistance is seen at 1.1224 (Yesterday's high) and 1.1274.
USD/JPY is trading in a narrow range and falls below 120.00 levels. It is currently trading at 119.95 levels. Japanese banks remain close today as well. Today is data free session for JPY but US will release ADP Job data. Initial support is seen at 119.75 and resistance is seen at 120.69 levels.
GBP/USD is currently trading at 1.5201 levels and sustaining above 61.8% Fibonacci retracement. UK will release Service PMI data which provides further direction and trend as well. Neutral momentum studies, 5, 10 & 20 dma's conflict, Bollinger's edge higher. Mixed signals suggest bounce is over & a period of consolidation due. Initial support/resistance is seen at 1.5088 low & NY 1.5218 high.
USD/CHF trades around 0.9252 levels and it made intraday high at 0.9278 and low at 0.9238. Today is data free session for CHF, now market awaits USD ADP Job data as well as Fed Chair Yellen speech. On the top side, resistance is seen at 0.9387 and support around 1.9194 levels.
AUD/USD is trading nearby 0.7967. Pair Stops at 0.7960 triggered as cross demand supports, next resistance at 0.8000. Traders report some AUD/JPY buying flows as well in quiet trading session. AUD shorts frustrated by no reaction to RBA cut and softer Australia Retail Sales data released today. Initial support is seen at 0.7740 and resistance is seen at 0.8011 levels.
