> France June final services PMI 48.0 vs 48.0 prelim Latest data released by HCOB - 5 July 2023 <!--> Justin Low Wednesday, 05/07/2023 | 07:50 GMT-0 05/07/2023 | 07:50 GMT-0 --> <!--> Prior 52.5Composite PMI vs 47.3 prelimPrior 51.2 ADVERTISEMENT -...
Italy June services PMI 52.2 vs 53.0 expected
Prior 54.0Composite PMI 49.7Prior 52.0The miss on estimates has is seeing Italy's overall economic activity fall marginally in June and that's not a good sign of confidence on the outlook. Things were looking bright for Italy in the first few months of the year but if...
Spain June services PMI 53.4 vs 55.5 expected
Prior 56.7That's still solid growth but a notable miss on estimates for Spain's services sector. Overall activity and new business saw softer gains on the month but output was the weakest since January. HCOB notes that:“The Spanish service sector, which has shown a...
ECB’s Nagel: Interest rates must rise further
Too early to say how farWary of proclaiming a new era of high interest ratesPrice stability won't come about by itselfWhile hawkish, it's a bit of a vague one as this perhaps leaves the door open for September but doesn't explicitly confirm it. That said, it's not...
European equities pulled lower at the open
Eurostoxx -0.6%Germany DAX -0.6%France CAC 40 -0.6%UK FTSE -0.5%Spain IBEX -0.6%The turn in the mood is coming in the past hour, with US futures also being dragged lower. S&P 500 futures are now down 12 points, or 0.3%, on the day. There's no major headline...
Market Update – July 5 – US back to business, EU/UK PMIs, FOMC Minutes ahead
After 2 days of subdued trading due to holidays in the US, we are back in full swing. Little happened yesterday except for news of new restrictions – this time from China – on the export of two metals critical to chip production, Gallium and Germanium....
Citi slashes euro area 2023 GDP growth forecast to 0.8% from 1.1% previously
Of note, the firm is revising lower the GDP growth forecast for Germany to 0.2% from 1.0% previously. That is somewhat offset by a revision higher for Italy to 1.3% from 0.4% previously though. But with Germany being the backbone of the euro area economy, the cut...
Trade ideas thread – European session 5 July 2023
Things should start picking up now after the 4th of July holiday but keep in mind, that we do have a key data landmine to come later on Friday via the US non-farm payrolls. As such, markets could still be caught in a bit of a lull until then but at least there should...
FX option expiries for 5 July 10am New York cut
There is just one to take note of, as highlighted in bold.That being for EUR/USD at the 1.0900 mark. That could see price action be more sticky around current levels with the expiries likely to keep a lid on any major upside momentum in the session ahead.For more...
Japan sees biggest average wake hike since 1993
This just confirms what we already knew from the spring wage negotiations back in March, with Rengo noting that the average wake hike for 2023 is seen at 3.58% - the biggest increase since 1993.If you recall, this was supposed to be the springboard for the BOJ to...
Light changes so far to start the new day
And even then, markets might not go running too much since we have the US non-farm payrolls report to deal with later on Friday. Major currencies are seeing light changes so far today with narrow ranges prevailing. As you can see below, EUR/USD is keeping within a 15...
Singapore’s central bank head says fight against inflation not over yet
Managing Director of the Monetary Authority of Singapore (MAS) Menon says the fight against inflation is not yet over. Comments from Menon and the MAS' reprot---The Monetary Authority of Singapore, the country's central bank, left its monetary policy unchanged after...
European Central Bank speakers on Wednesday, 5 July 2023 include Villeroy, de Cos
Members of the European Central Bank Governing Council coming up later include:1100 GMT/0700 US Eastern time: French central bank head Francois Villeroy de Galhau speaks at a financial conference in Paris1800 GMT/1400 US Eastern time: Bank of Spain's Governor Pablo...
ForexLive Asia-Pacific FX news wrap: USD adds on a few points
Session wrap Forex news for Asian trading on Wednesday, 5 July 2023 <!--> Eamonn Sheridan Wednesday, 05/07/2023 | 02:50 GMT-0 05/07/2023 | 02:50 GMT-0 --> Chinese state media tabloid Global Times says metal export curbs a warning to US, alliesOffshore yuan...
Chinese state media tabloid Global Times says metal export curbs a warning to US, allies
Chinese Communist Party mouthpiece tabloid Global Times wrote in an editorial that the coutnry's restrictions on metals exports are a warning the US and US allies:controls on exports of some gallium and germanium products was a "practical way" of telling the U.S. and...
Offshore yuan has weakened after the PBOC set the CNY stronger again
The People's Bank of China set the reference rate stronger than expected for the onshore yuan again today:Offshore yuan, CNH, initially followed a little higher (see the linked post above) but has since truend right around and dropped rapidly:The People's Bank of...
Asia Day Ahead: Focus on FOMC Minutes as US Markets Reopen After Holiday
With the US markets off-trading due to the Independence Day holiday, the risk environment was met with a more subdued tone without much economic data to catch on. European markets were flat to slightly lower on a thinly-traded session, while at the time of writing, US...
China’s former vice Commerce Minister says China’s export control measures just a start
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
China June 2023 Caixin / S&P Global Services PMI 53.9 (prior 57.1)
China Caixin / S&P Global PMIs for May:Services 53.9, sixth consecutive month of expansionprior 57.1Composite 52.5prior 55.6Earlier in the week we had the Caixin manufacturing PMI, dropping from May but still in in expansion:And, last week were the official PMIs...
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