China manufacturing boosts markets
This morning financial markets received an early boost from improving China manufacturing PMI. This has put the main haven currencies of the US dollar and Japanese yen on the back foot. The yen pairs are seeing the biggest movement with the AUD/JPY leading the charge, up 0.54%. The GBP/JPY and USD/JPY are up 0.54%.
Dollar pairs are seeing a less pronounced movement, with most pairs flat. Gold is going against the general flow, falling 0.45%. The euro continues to lag, with the EUR/GBP down 0.16% and the EUR/USD off by a similar margin.
Coming up today we have Swiss retail sales at 08.15. German unemployment change follows at 08.55 with a smaller decrease expected. UK construction PMI is at 09.30, with a drop to 54.1 expected. Net lending to individuals are released at the same time. Euro wide unemployment rate numbers are released at 10.00 with an increase to 10.9% expected. At 13.15 we have the warm up to the months main announcement (NFP) with ADP Non Farm Employment Change.
Running all day in the background we have the meeting of the European Economic Financial Affairs Council. The NZD/USD continues to be stuck in the rut of a trading range seen since that start of March.
The pair was at one stage one of the strongest trending currencies, but has been going nowhere fast for some time. Uncertainties over future interest rates and Chinese growth levels have provided mixed messages for traders.
A good way to play this situation might be an IN/OUT trade on BetOnMarkets.com predicting that the NZD/USD goes outside of either 0.8000 or 0.8250 in 5 days time. It only has to touch these trade levels once for this bet to be access.
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