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Flash: A pause before yields rise again - Societe Generale

FXstreet.com (Barcelona) - Kit Juckes, Global head of Currency Strategy at Societe Generale comments that “markets feel as though they are catching up after the weekend rather than setting sail for a clear destination.”

He notes that better Chinese PMI data and pre RBA positioning trumped soft equities and soft Oz retail sales data, and the AUD is up. Further, he sees that positions matter and the market's short AUD into a meeting where a cut can't be taken for granted. Otherwise, he writes, “Nikkei down, Yen up, BIS warning of the dangers of easy money, trouble in Turkey, and PMIs at the start of week with the ECB and payrolls at the other end.”

EMU: PMI Manufacturing contraction slows down in May

Eurozone PMI Manufacturing grew to 48.3 points in May, from 47.8 points in April, according to data released today by Markit. Market consensus pointed to no change.
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EUR/CHF repositioned above 1.2400

After a play in the 1.2380 territory at the end of last week, the pair have opened to stabilize again above 1.2400.
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