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Forex: EUR/JPY rebounds on surprising France PMI services

FXstreet.com (Barcelona) - The EUR/JPY is being pressured on the day by a new Yen corrective movement after the rally up to 130.67 high on investor cheering for G20/IMF approval of BoJ policy decisions. The cross reached as low as 128.54 today, but better than expected Markit PMI data in France triggered a EUR rally, with the market climbing to 129.16 already.

The preliminary release of April Markit Services PMI rose from 41.3 to 44.1, beating the 42.0 expectations, while the manufacturing figure rose from 44.0 to 44.4, above 44.3 consensus. Next in line in Germany and EMU data.

“Currently we are viewing this as the market consolidating ahead of tackling this resistance. Our slightly longer term target is 136.71, the upside measurement from a wedge”, wrote Commerzbank analyst Karen Jones, seeing initial support at the 127.71 February high ahead of 125, last week’s low.

Forex Flash: Chinese data miss triggers weakness – UBS

China's HSBC PMI data came out weaker this morning in Asia, falling from 51.5 to 50.5. Coupled with the USD/JPY slipping back below 99.00, stock markets have fallen across the region. Later today Purchasing Managers' Indices are released across Europe. These will be closely followed to see if the renewed slowdown in the Eurozone is gathering pace. UBS Economics expects April's flash estimates will show further weakness with Germany's manufacturing data likely to decline from 49.0 to 48.0 and services from 50.9 to 50.0.
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Forex: GBP/JPY falls below support to 150.84/86

The GBP/JPY was under siege Tuesday, culminating in a bottoming out at the 150.38 level (daily minimum) in recent minutes. A surrendering of the 151.00 barrier/support has been met with instability as the pair trades at 150.84/86 in these moments, incurring a loss of -0.59% off its opening.
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