Forex news headlines and economic data for the European session 3 June 2016
News:
Roll up, Roll up! Two ForexLive free gifts for NFP day
- Non-Farm Payroll Preview: What 3 banks are looking for today
- BOE and ECB planning accord in case of Brexit
- US Fed's Evans sees two rate hikes by end-2016
- US Fed's Evans expecting "a good number" from US jobs data today
- More from Evans: QE would be a possible step if economy loses steam
- Fed's Evans says Brexit vote makes policy more difficult
- ECB's Nowotny expects new TLTROs to have "substantial" impact
- Japan's LDP will introduce reduced tax rates with 2019 sales tax hike
- Bundesbank cuts GDP and CPI forecasts
- Outcome of OPEC meeting will have no impact on global oil prices
- Option expiries 10 am NY cut today 3 June
- Option expiries of note week commencing 6 June
- Nikkei 225 closes up +0.48% at 16,642.23
Data:
- UK Markit/CIPS services PMI May 53.5 vs 52.5 exp
- Eurozone Markit services PMI final 53.3 vs 53.1 flash
- Eurozone retail sales April mm 0.0% vs +0.4% exp
- Germany Markit services PMI May final 55.2 as exp
- France Markit services PMI May final 51.6 vs 51.8 flash
- Italy Markit services PMI May 49.8 vs 51.5 exp
- Spain Markit services PMI May 55.4 vs 54.0 exp
It's been a case of waiting for the NFPs but the session has still produced it's fair share of intra-day opportunity.
USDJPY started the day clinging to 109.00 but then the Nikkei turned lower and we were soon at 108.65 with a test of 108.50 after news of the LDP's planned tax cuts to set off against the sales tax hike. Good demand support down there though and we've drifted back toward 109.00 amidst general USD demand.
EURUSD has been mostly pinned around 1.1150 caught up in the cross play crossfire again but shrugging off weaker PMI data. GBPUSD had a rally into the UK PMI but failed to make any further progress on the better than expected number and we've drifted back toward 1.4400 with 1.4450 still capping the rallies.
USDCHF has enjoyed the general USD demand but going nowhere fast still while USDCAD has been wandering around 1.3100 as oil prices try to make their mind up.
AUDUSD enjoyed a little bit of AUDJPY demand to test offers/res around 0.7260 but it too gave up to retreat into 0.7230 helped by some AUDNZD selling that put a bid under NZDUSD.
So, a little bit of action but there's been no doubting where the markets are really focussed.
