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FOREX: EUR Slips as German, French PMIs Miss Expectations

FOREX
  • Prelim PMI data from across the Eurozone and UK took market focus this morning, with weakness seen from across both the manufacturing and services sectors across France and Germany. The poor data (particularly France) has weighed on the single currency, putting EUR lower against all others in G10. Close to 4,000 contracts traded across EUR futures on the German release, tipping cumulative activity well ahead of average for this time of day. Further weakness in spot exposes the Jun 14 low at 1.0668, ahead of the key  support at the Apr 16 low of 1.0601. 
  • While UK data came in weaker than forecast, markets were less responsive, potentially supporting the narrative that followed yesterday's BoE decision, in which the MPC are becoming less sensitive to data surprises as part of their policymaking process. GBP/USD briefly printed down at 1.2634 before recovering ahead of NY hours. 
  • JPY trade furtively firmer, however no sign of a reversal off highs is present in USD/JPY just yet. The trend signal remains positive, with the overnight high at 159.13 overnight still not sufficient to test the mettle of the Japanese authorities on further currency intervention. 
  • Focus for the duration of the Friday session turns to the prelim June PMI data from the US, with both the manufacturing and services reads expected to fade from May - although stay above the 50.0 level. Following the inflationary impulses evident in yesterday's Philly Fed, particular market focus may be on the prices paid subcomponents. Canadian retail sales and US existing home sales are also due. 
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