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A busy morning session

FOREX
  • A busy morning session for FX, starting with a EUR rally, after ECB Lagarde in an Bloomberg interview in Davos, noted that the ECB were attentive to the EUR level.
  • The EUR strength initially kept the lid on the Dollar, but both currencies reversed, after ECB Villeroy said that a 50bps hike was not the consensus at the ECB.
  • The second main story of the session was the big UK Services and Composite PMI miss, which saw the Pound plummeting, and in turn lifted Govies and rate markets.
  • As per S&P: "Service providers signaled the greatest loss of momentum in May (index at 51.8, down from 58.9 in April), with survey respondents often noting that economic and geopolitical uncertainty had contributed to a slowdown in client demand. However, many businesses in the travel, leisure and events sector still commented on strong growth conditions due to a rapid recovery from pandemic restrictions."
  • Even employment growth "was the least marked for 13 months. Some businesses noted that a desire to reduce costs had led to the non-replacement of voluntary leavers."
  • Cable crashed through 1.2500, over 100 pips range for the pair.
  • The Yen is the best performer against the Pound in G10, up 1.31%, and GBP trades in the red across the majors.
  • Looking ahead, US PMIs are the notable data. Speakers still scheduled, ECB Villeroy, Riksbank Breman, and Fed Powell (pre recorded Welcoming remarks at an Economic Summit).
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