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EU Morning Report- RBA keeps rates unchanged

Autore: Written by Easy-Forex for


The euro (EUR) dropped to 1.2567 from 1.2667 yesterday against the US dollar following poor economic data from the eurozone. The unemployment rate in the eurozone jumped to a record high in May while manufacturing remained at its lowest level in three years. The grim data raised expectations that the European Central Bank may need to act by cutting interest rates at its policy meeting on Thursday. The euro was further under pressure after the Finnish government’s announcement that Finland and the Netherlands opposed the plan of ESM bond buying in the secondary markets. This caused disappointment in the markets while euphoria over the EU deal fades as the plan cannot proceed if members do not agree. Attention shifts to the eurozone Producer Price Index figures due later today.

The US dollar (USD) strengthened today against a basket of currencies as heightened risk aversion spurred a higher demand for the safe haven currency. Versus the safe haven Japanese yen (JPY), the greenback rose to 79.85 from 79.30. Economic figures showed that US Manufacturing contracted for the first time in nearly three years raising speculation that the Federal Reserve may decide on a third round of quantitative easing. Eyes turn to the US Factory Orders due today.

The Australian dollar (AUD) rose against the greenback to 1.0283 from 1.0212 following the Reserve Bank of Australia monetary policy meeting. RBA kept rates unchanged at 3.5% and gave no sign whether they will ease further supporting the Aussie. Focus is now on inflation for the second quarter due later in June where it will provide a better picture about the need to ease again.

Oil edged lower to 82.09 dollars a barrel from 84.36. Gold (XAU) rose to 1606.03 dollars an ounce from 1587.16 and against the euro it rose to 1270.04 from 1263.89. Silver (XAG) jumped to 27.90 dollars an ounce from 27.19. Stay in tune throughout the day with foreign exchange bullets!

Pivot Preference1 Sentiment2
EURUSD 1.2525 LONG @ 1.2525 54% of deals buy EUR
USDJPY 79.35 LONG @ 79.35 80% of deals buy USD
GBPUSD 1.5640 LONG @ 1.5640 46% of deals buy GBP
AUDUSD 1.0190 LONG @ 1.0190 46% of deals buy AUD
GOLD 1607.00 SHORT @ 1607.00 50% of deals buy GOLD
OIL 83.25 LONG @ 83.25 54% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
Currency Time (GMT) Event Forecast
EUR 08:30 PMI Construction 50.0
EUR 09:00 Producer Price Index 48.1
EUR 14:00 Factory Orders 0.1%
FTSE 100 1.25% S&P 500 0.25% NIKKEI 0.61%
DAX 1.24% DJIA -0.07% HIS 1.49%
CAC 1.36% NASDAQ 0.55% CSI 300 0.84%
3 at the time of writing

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