Forex Focus on Manufacturing PMI’s

Traders will be busy today as we expect a full bag of data from both sides of the Atlantic. In European trading session we await the Swiss retail sales due at 630GMT. European PMI’s coming up next: French manufacturing PMI’s at 7:50GMT, German manufacturing PMI’s at 7:55GMT and Eurozone manufacturing PMI’s 8:00GMT.

Eurozone CPI core will be released at 9:00GMT.

 

In the American forex calendar the Canadian Gross Domestic Product for July will be released at 12:30GMT, while Manufacturing PMI fro Canada will be out at 13:30 and U.S. Manufacturing PMI is due at 13:45. At 14:00 we await the ISM Manufacturing PMI and Construction Spending m/m.

In our central bank calendar we have at 7:15GMT Fed’s Evans speech, at 9:20GMT  RBA Governor Lowe speaks,  Fed Vice Chairman Clarida will deliver a speech at 12:50GMT.

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In Asian session the Reserve Bank of Australia cut interest rates to 0.75% as expected and opened the door for more cuts. Governor Phillip Lowe expressed optimism by saying that the Australian economy is at a “gentle turning point.”

Japan hiked its consumption tax rate today to 10% from 8%. Japan Tankan Large Manufacturing Index came in at 5, beating forecasts of 2 in 3Q, 2019.

Asian indices are trading mixed today; Nikkei is 0.59% higher at 21,885. EURUSD trades 0.13% lower at 1.0883; the USDJPY is 0.17% higher at 108.26 while the AUDUSD is 0.68% lower at 0.6703.

Trade tensions and political turbulence in Capitol Hill will continue to have a significant impact on forex markets, PM Boris Johnson will present his Brexit plan the EU within 24 hours.

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