Forex Information and Trading News

USD-crosses close to major break-outs!

1.5842 in EURUSD is key. AUDUSD also about to make new highs.

Markets

• FX: USD lower still. Key resistance in EURUSD at 1.5842. CAD looks really weak.
• Fixed Income: Lower across the board. STIR Futures: 46% chance of a 25 bps. rate hike at the 5th Aug.
• Equities: European session lower by 2%. US moderately higher. Nikkei down by 1.5%
• Commodities: Energies still edging higher. Precious metals are strong and could break higher still.

• Plenty of negative stories: Starbucks to close 600 stores and to cut 12,000 jobs.
• USD-crosses near major break-out levels. Our break-out indicators are showing a very high likelihood for a major thing happening here. Look for 1.5842 to break. AUDUSD should also make new highs. A likely trigger would be the ADP Employment Change Report today.
• Yesterday’s ISM Manufacturing was better than expected but still not impressive. Prices Paid were going through the roof and reached the highest level since 1979. No wounder Treasuries are going lower.
• European indices in danger of continued sell-offs. Look for 6168 in DAX.

Overnight

• GE Retail Sales MoM/YoY (May) out at 1.3%/0.7% vs. 0.8%/-1.1% expected.
• GE ILO Unemployment rate (May) out at 7.4% as expected.
• UK Nat’wide House prices MoM/YoY (Jun) out at -0.9%/-6.3% vs. -1.0%/-6.4% expected.
• AU RBA Commodity Index YoY (Jun) out at 38.2% vs. 26.4% prior.
• SW Swedbank PMI Survey (Jun) out at 50.6 vs. 50.4 expected.
• SZ SVME-PMI (Jun) out at 54.9 vs. 55 expected.
• FR PMI Manufacturing (Jun) out at 49.2 as expected.
• GE Unemployment rate (Jun) out at 7.8% vs. 7.9% expected.
• GE Unemployment change (Jun) out at -38K vs. -14K expected.
• GE PMI Manufacturing (Jun) out at 52.6 vs. 52.3 expected.
• EC PMI Manufacturing (Jun) out at 49.2 vs. 49.1 expected.
• UK PMI Manufacturing (Jun) out at 45.8 vs. 49.8 expected.
• EC Unemployment rate (May) out at 7.2% vs. 7.1% expected.
• US ISM Manufacturing (Jun) out at 50.2 vs. 48.5 expected.
• US ISM Prices Paid (Jun) out at 91.5 vs. 87 expected.
• US Construction Spending MoM (May) out at -0.4% vs. -0.6% expected.
• US ABC Consumer Confidence (Jun) out at -43 vs. -43 prior.
• JN Monetary Base YoY (Jun) out at 0.4% vs. -0.9% prior.
• AU DEWR Skilled Vacancies MoM (Jun) out at -0.1% vs. -0.1% prior.
• AU Retail Sales (May) out at 0.7% vs. 0.1% expected.
• AU Building Approvals MoM/YoY (May) out at -0.6%/0.2% vs. -3.4%/7.2% expected.