Articles

ForexLive European FX news wrap: Dollar decline eases a little on trade worries

June 1, 2020 19:45   Forexlive Latest News   Market News  

Forex news from the European trading session – 1 June 2020
Headlines:
Markets:
– AUD leads, USD lags on the day
– European equities higher; E-minis up 0.2%

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US futures keep a little lower ahead of North American trading

June 1, 2020 18:33   Forexlive Latest News   Market News  

The mood has been tempered by the China trade report earlier
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Stock futures were off to a softer start initially before recouping those losses going into early European trading, but has been pared back a little for now.

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Russia says that OPEC+ talks are ongoing, no need to get ahead of ourselves

June 1, 2020 17:45   Forexlive Latest News   Market News  

Comments by the Kremlin spokesman
– Putin has no plans yet to meet with Russian oil companies
– Putin is in constant contact with energy minister Novak
Just some token remarks for now, as the bloc continues to plan to move their next meeting date from next week to 4 June instead. It will be interesting to see

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China trade report saps some of the energy from the relief rally in risk

June 1, 2020 16:49   Forexlive Latest News   Market News  

Stocks get a bit of a reality check on the session
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The market was cheering on the relief as Trump went easy on China at the end of last week, but the report above has offered a bit of a reality check for that optimism now.

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USDCHF continues its grind lower

June 1, 2020 16:40   Forexlive Latest News   Market News  

USDCHF lower
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China soybean comments jeopardises phase one deal.

June 1, 2020 16:40   Forexlive Latest News   Market News  

Changing sentiment
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UK May final manufacturing PMI 40.7 vs 40.6 prelim

June 1, 2020 16:33   Forexlive Latest News   Market News  

Latest data released by Markit – 1 June 2020
– Prior 32.6
The preliminary report can be found . UK factories suffer a sharp fall in activity in May, but it is better than the conditions in April. Output and new orders continue to fall sharply in historical terms but they have eased from the record deterioration

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Monday 1st June: Asian markets mostly higher as China data shows pickup

June 1, 2020 16:17   ICMarkets   Market News  

Global Markets:

  • Asian Stock Markets : Nikkei up 0.81%, Shanghai Composite up 2.21%, Hang Seng up 3.40%, ASX up 1.10%
  • Commodities : Gold at $1752.05 (+0.02%), Silver at $18.82 (+1.74%), Brent Oil at $37.82 (-0.05%), WTI Oil at $35.42 (-0.20%)
  • Rates : US 10-year yield at 0.674, UK 10-year yield at 0.201, Germany 10-year yield at -0.419

News & Data:

  • (CAD) GDP m/m -7.20% vs -9.00% expected
  • (CAD) RMPI m/m -13.40% vs -23.90% expected
  • (USD) Core PCE Price Index m/m -0.40% vs -0.30% expected
  • (USD) Personal Spending m/m -13.60% vs -12.60% expected
  • (USD) Chicago PMI 32.3 vs 40.1 expected
  • (USD) Revised UoM Consumer Sentiment 72.3 vs 73.7 expected
  • Relief rally continues after a muted Trump response and encouraging China PMIs
  • Spain’s manufacturing sector remains in deep downturn during May

CFTC Positioning Data:

  • EUR long 75K vs 72K long last week. Longs increased by 3K
  • GBP short 22K vs 19K short last week. Shorts increased by 3K
  • JPY long 35K vs 28K long last week. Longs increased by 7K
  • CHF long 9K vs 9K long last week. Unchanged
  • AUD short 40k vs 39K short last week. Shorts increased by 1K
  • NZD short 15K vs 16K short last week. Shorts trimmed by 1K
  • CAD short 34k vs 35K short last week. Shorts trimmed by 1K.

Markets Update:

Asian stock markets, led by Hong Kong, are notably higher on Monday following the mostly positive cues from Wall Street Friday on relief that U.S. President Donald Trump did not announce new tariffs or a withdrawal from the phase one trade agreement with China. In addition, official data released over the weekend showed that China’s factory activity expanded in May.

After a cautious start Asian markets were led higher by China on signs parts of the domestic economy were picking up. The Nikkei 225 closed 0.8% as shares of index heavyweight and conglomerate Softbank Group jumped 4%.

South Korea’s Kospi rose 1.8% even as Reuters reported Monday that the country’s exports in May fell 23.7% year-on-year. Mainland Chinese stocks also saw robust gains on the day, with the Shanghai composite up 2.2% while the Shenzhen component surged 3.3%.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 97.995 after declining from levels above 99.6 last week. Oil prices initially eased on worries about U.S. demand, but found support from reports Russia had no objection to the next meeting of OPEC and its allies being brought forward to June 4 from the following week.

Upcoming Events:

Monday, June 01, 2020

  • 02:00 PM GMT – (USD) ISM Manufacturing PMI

Tuesday, June 02, 2020

  • 01:30 AM GMT – (AUD) Current Account
  • 05:30 AM GMT – (AUD) Cash Rate
  • 05:30 AM GMT – (AUD) RBA Rate Statement

Wednesday, June 03, 2020

  • 01:30 AM GMT – (AUD) GDP q/q
  • 08:30 AM GMT – (GBP) Final Services PMI
  • 12:15 PM GMT – (USD) ADP Non-Farm Employment Change
  • 02:00 PM GMT – (CAD) BOC Rate Statement
  • 02:00 PM GMT – (CAD) Overnight Rate
  • 02:00 PM GMT – (USD) ISM Non-Manufacturing PMI

Thursday, June 04, 2020

  • 01:30 AM GMT – (AUD) Trade Balance
  • 11:45 AM GMT – (EUR) Main Refinancing Rate
  • 11:45 AM GMT – (EUR) Monetary Policy Statement
  • 12:30 PM GMT – (CAD) Trade Balance
  • 12:30 PM GMT – (EUR) ECB Press Conference
  • 12:30 PM GMT – (USD) Unemployment Claims

Friday, June 05, 2020

  • 12:30 PM GMT – (CAD) Employment Change
  • 12:30 PM GMT – (CAD) Unemployment Rate
  • 12:30 PM GMT – (USD) Average Hourly Earnings m/m
  • 12:30 PM GMT – (USD) Non-Farm Employment Change
  • 12:30 PM GMT – (USD) Unemployment Rate

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China halts some US farm imports – report

June 1, 2020 16:12   Forexlive Latest News   Market News  

Bloomberg reports on the matter, citing people familiar with the situation
The report says that Chinese government officials have told major state-run agricultural firms to pause purchases of some American farm goods, including soybeans, as Beijing looks to evaluate the recent escalation in tensions between the US and China.

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Eurozone May final manufacturing PMI 39.4 vs 39.5 prelim

June 1, 2020 16:02   Forexlive Latest News   Market News  

Latest data released by Markit – 1 June 2020
– Prior 33.4
The preliminary release can be found .
here
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Germany May final manufacturing PMI 36.6 vs 36.8 prelim

June 1, 2020 15:56   Forexlive Latest News   Market News  

Latest data released by Markit/BME – 1 June 2020
– Prior 34.5
The preliminary release can be found . Also little change observed in the German reading relative to the initial estimate, as factory activity mildly improved relative to April but remains highly subdued compared to historical levels. Markit notes that:

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France May final manufacturing PMI 40.6 vs 40.3 prelim

June 1, 2020 15:51   Forexlive Latest News   Market News  

Latest data released by Markit – 1 June 2020
– Prior 31.5
The preliminary release can be found . Little change to the initial estimate as the reading highlights that factory activity did improve from April to May but overall conditions still remain highly subdued for the time being. Markit notes that:

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