Forex news headlines and economic data for the European session 1 June 2016
Asia session round up - ForexLive Asia FX news wrap: AUD surges on big GDP beat
Could Euro 2016 be the deciding factor in Brexit?
Upper house elections will be held July 10th says Abe
Abe takes tax delay criticism seriously
Abe: The global economy is facing large risks
Brexit - 2 polls 2 draws
Eurozone 2016 GDP hiked to 1.6% from 1.4% in June OECD outlook report - US GDP cut to 1.8% from 2.0%
April 2016 UK mortgage approvals 66,250 vs 67,950 exp
May 2016 UK Markit CIPS manufacturing PMI 50.1 vs 49.6 exp
Greece can return to growth in second half of 2016 says EU's Dombrovskis
German engineering orders +3.0% in April
May 2016 Eurozone manufacturing PMI 51.5 vs 51.5 exp
May 2016 German manufacturing PMI 52.1 vs 52.4 exp
May 2016 French manufacturing PMI 48.4 vs 48.3 exp
May 2016 Italian manufacturing PMI 52.4 vs 53.0 exp
Switzerland retail sales April yy -1.9% vs -1.6% prev
Spain Markit mftg PMI May 51.8 vs 52.5 exp
Its the famous ForexLive NFP Competition! Enter here, now!
Australia commodity index May yy -10.0% vs -9.4% prev
UK Nationwide house price index May mm +0.2% vs +0.3% exp
Switzerland Q1 GDP qq +0.1% vs +0.3% exp
Option expiries 10 am NY cut today 1 June
Japan vehicle sales May yy +6.6% vs +7.2% prev
Kuwait wants to maintain dialogue between OPEC and non-OPEC oil producers
Japan's Shirai says the timing of BOJ's negative rates was poor
Japan PM Abe: Decided to delay sales tax increase by 2.5 years
Europe showed that its countries economies still had a pulse. The majority of manufacturing PMI's were lower but remained the right side of the growth fence. Certainly the OECD see better times ahead as they raised their Eurozone growth forecasts. It's been a while since anyone's done that for Europe. It's all been good news for European ahead of tomorrows ECB. The Euro made the most of it and even managed to shrug off the shackles of a falling EURJPY. Let's put it into context though, we're up 50 pips from the 1.1114 lows so it's a small intraday victory and nothing more.
GBPUSD isn't ignoring the move in GBPJPY, which is down over 250 pips from the Asia highs and scratching out a new low at 157.61 as I type. 1.4500 was in trouble yesterday and it might not be long before 1.4400 is in the same predicament.
Abe finally came clean on the sales tax delay. He dressed it up as best he could, and the fact that we'd seen it coming over the last few months anyway meant that the yen didn't react too much. But not even a promise to go big and bold on economic measures in the Autumn could stop the heaviness in yen pairs and they've slowly slipped to new lows. USDJPY held 109.50 after giving up 110.00 through Abe's musings. That's just gone now too and 109.25 is the new low.
Commodity currencies are steady. AUDUSD has slowly washed out a lot of the GDP news and trades at 0.7260 from the 0.7299 highs. USDCAD is treading water just under 1.3100. That and other oil currencies may stay that way with the upcoming OPEC meeting due tomorrow.
The big US manufacturing ISM is the main bout on the US data card today and a strong number will give another boost to June FOMC expectations and thus the dollar.
