Forex news for European morning trading on 1 Aug 2017
News:
- Australia - RBA announce no change to the cash rate
- Preview BOE MPC announcement due Thursday - Deutsche Bank
- Perky pound post-PMI
- 10% rise in the euro would hit Eurozone corporate earnings by 5-8% say Morgan Stanley
- UK factory exports growth highest since 2010
- AUDUSD posts session lows as RBA says rising AUD weighs on economic outlook
- Aussie in retreat after RBA - here's why
- Side by side comparison of RBA statement - Westpac
- Analyst response to today's RBA - Westpac
- AUD July commodity indices fall in July
- North Korea can hit most of United States - Reuters
- Trump dictated misleading statement on son's meeting with Russia - Washington Post
- Deutsche Bank on the USD
- Preview US PCE and personal spending
- Nikkei 225 closes up +0.3% at 19,985.79
- ForexLive Asia FX news wrap: Awaiting the RBA - AUD pops anyway
Data:
- Eurozone preliminary GDP (Q2): 2.1% vs 2.1% exp
- Eurozone July Markit mftg PMI final 56.6 vs 56.8 exp
- German unemployment rate (July): 5.7% vs 5.7% exp
- German manufacturing PMI (July): 58.1 vs 58.3 exp
- France July Markit mftg PMI final 54.9 vs 55.4 exp
- BOJ Core CPI (July): 0.3% y/y vs 0.2% exp
- UK manufacturing PMI (July): 55.1 vs 54.4 exp
- India Nikkei/Markit July mftg PMI 47.9 vs 50.8 exp
- UK nationwide house price index (July): 2.9% y/y vs 2.7% exp
- Italian manufacturing PMI (July): 55.1 vs 55.2 exp
- Spain July Markit mftg PMI 54.0 vs 54.7 prev
- Norway manufacturing PMI (July): 57.3 vs 55.6 prior
- Japan vehicle sales (July): -1.1% vs 9.7% prior
A busy session that hasn't taken us anywhere really new but still providing some good opportunities
The session with USDJPY having found decent support around 110.00 and nudging higher, eventually to post 110.53 and that USD demand generally set the tone with GBPUSD retreating from 1.3228 to 1.3200.
Good demand there and better than expected UK mftg PMI data saw the pair eventually lifted to 1.3240 before finding fresh sellers as EURGBP found demand as expected between 0.8920-30.
EURUSD had failed into 1.1850 and we've seen 1.1800-05 tested helped by softer final PMIs but decent demand down there and some option expiries of note too.
EURCHF has had a down n up session with USDCHF caught between those moves and firmer USD tones.
It was the aussie $ that grabbed the headlines overall though after some dovish comments on the ccy from the RBA statement. We fell quickly to 0.7995 only to bounce back to where it came from around 0.8030 but it wasn't long before the sellers returned encouraged by USD demand elsewhere and we've back down to test support around 07980
AUDUSD 15m
NZDUSD too has had a wobble as we wait on GDT auction results and USDCAD has rallied from 1.2450 to post 1.2490 on a firmer USD/softer oil combo.
US PCE the next data risk at 12.30 GMT
