MNI China Daily Summary: Monday, July 1

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CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

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MNI: US ISM JUN MANUF PURCHASING MANAGERS INDEX 48.5

US JUNE MANUFACTURING PMI 51.6 (51.7 FLASH, 51.3 MAY)

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EURUSD Edges Towards Session Highs Post ECB, Sights Remain on 1.0933 Resistance

EUR
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  • Modest uptick for the single currency as the ECB’s well telegraphed 25bp cut is offset by higher-than-expected revisions to both growth and inflation for 2024 and for inflation in 2025.
  • Additionally, by not committing to any particular rate path, and the confirmation of a meeting-by-meeting approach, this leaves markets unclear on the immediate next steps for the ECB’s Governing council.
  • EURUSD is edging towards the overnight session highs of 1.0896 and above here, the week’s high of 1.0916 will take focus. Overall, a technical bull cycle in EURUSD remains in play and sights are on 1.0933, a Fibonacci retracement, before 1.0964/81, the March highs.
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  • Modest uptick for the single currency as the ECB’s well telegraphed 25bp cut is offset by higher-than-expected revisions to both growth and inflation for 2024 and for inflation in 2025.
  • Additionally, by not committing to any particular rate path, and the confirmation of a meeting-by-meeting approach, this leaves markets unclear on the immediate next steps for the ECB’s Governing council.
  • EURUSD is edging towards the overnight session highs of 1.0896 and above here, the week’s high of 1.0916 will take focus. Overall, a technical bull cycle in EURUSD remains in play and sights are on 1.0933, a Fibonacci retracement, before 1.0964/81, the March highs.