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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEUR/USD Marked Down on Sluggish PMIs
- JPY trades stronger for a second session, putting USD/JPY back below the Y135.50 level as markets maintain a general risk-off tone with equities on the backfoot. The e-mini S&P is well off the Wednesday highs, with core government bonds the beneficiary - pushing the US 10y yield to trade either side of the 3.10% level.
- The Norwegian central bank rate decision delivered mixed messages: the bank raised rates by 50bps - a larger hike than forecast - but indicated this more sizeable pace of tightening would not be maintained further out the curve, with just 25bps likely to follow in August. As a result, the NOK initially rallied firmly, before moderating and trading broadly flat into the NY crossover.
- EUR/USD sustains losses ahead of US hours following a very disappointing turnout from Eurozone preliminary PMI data. German and French services and manufacturing sectors grew far slower than forecast, marking EUR/USD down to 1.0483 in response.
- Weekly jobless claims and preliminary US PMI data for June are the highlights going forward, with markets looking to see if the US follows the pattern set by the Eurozone this morning, in which both services and manufacturing components fell well below forecast.
- Focus turns to the second part of Powell's semi-annual testimony later today, where the Fed chair appears in front of the House Financial Services Panel. ECB's Nagel and Villeroy are also both due to speak.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.