Daily Alert: Thursday 1st June 2017

Mark NugentDaily Alert, June 2017

Forex Analysis for Thursday 1st June 2017

Economic Calendar

Wednesday: EUR Flash Estimate CPI missed at the Headline and Core level (Headline: 1.4% vs 1.5%; Core: 0.9% vs 1.0%).

Early today (Thursday) saw AUD Retail Sales beat expectations by 1.0% to 0.3%.

Critically, in China, the Caixin Manufacturing PMI missed expectation and fell below 50 (49.6 vs 50.2).

Canadian GDP was positive at 0.5% vs 0.3%.

Market Reaction

Consolidation everywhere: USD Index, US and European equity indieces. Oil sinks to the post OPEC meeting low at USD48.6/bbl. US 1- Year languishes around 2.2%. The EUR index closes at a high not seen since February 2016. JPY is flat and GBP manages to move up after spending most of the day down. CAD and NZD consolidate while AUD breaks down through support and closes. The stand-out issues are EUR strength and AUD weakness.

News Media

Wall Street traders crave action – April and May didn’t deliver
Advisor to $650 billion now hoping for stock market correction

Today’s Calendar

GBP Manufacturing PMI; ADP Non-Farm Payroll

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