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Flash: USD reasserts strength - OCBC Bank

FXstreet.com (Barcelona) - Emmanuel Ng of OCBC Bank notes that the dollar reasserted its strength on Friday with the antipodeans bearing the brunt as positive readings from US economic releases (May Chicago PMI, U of Michigan consumer confidence) boosted the greenback.

He feels that given the heightened sensitivity to US data releases, the US labor market report this week may well prove to be the highlight of the week, but before that however, markets will have to contend with the deluge of global PMIs beginning today. He writes, “Note that over the weekend, China’s official manufacturing PMI came in at a better than expected 50.8 although S. Korea’s PMI deteriorated further to 51.1.” Meanwhile, he notes that the stream of central bank rhetoric this week from the associated meetings (ECB and BOE on Thu, RBA on Tuesday) continue to depict the dichotomy with the Fed. He writes, “While the above mentioned central banks are expected to stand pat on rates, any further indications may continue to send the dollar higher.”

Italy Markit Manufacturing PMI (May): 47.3 vs 45.5 (April)

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The shared currency is now easing to the area of 1.3010/15 after better mood in the risk appetite post Chinese manufacturing PMI has lifted the pair to session highs above 1.3030...
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