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Solid Services Compensate for Lagging Manufacturing

FOREX
  • Prelim PMI data from across the Eurozone and UK all painted a similar theme, with services proving resilient, but manufacturing lagging behind consensus. The data tilted most composite readings ahead of forecast, painting a slightly rosier economic picture ahead. Nonetheless, markets proved largely unreactive, as currency markets adopt a modest risk-off posture ahead of the final US session of the week.
  • The JPY is the firmest currency in G10, gaining alongside shakier US equity trade, despite a Reuters report suggesting the BoJ will stick to their ultra-loose policy stance at next week's meeting.
  • The greenback is slightly firmer in tandem, but the USD Index remains below yesterday's and the week's best levels at 102.126 and 102.228 respectively.
  • The poorest performers are AUD, NZD across the European morning, undoing the late rally across AUD/USD and NZD/USD into the Thursday close. NZD/USD printed down at 0.6127 ahead of the NY crossover, the lowest level since early March, to narrow the gap with key support of 0.6085.
  • Canadian retail sales and the prelim US PMI data are the highlights on the schedule going forward, with some focus on the speaker slate also: ECB's Elderson and de Guindos are on the docket, while Fed's Cook speaks after the close - providing the last look at FOMC comms ahead of the pre-meeting media blackout at the end of the day.
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