Morning Market Updates – Greenback Dominates the Market

Japan’s Nikkei Manufacturing PMI for June was registered at 52.0 versus the expected value of 53.4 and a previous value of 53.1. The People’s Bank of China (PBOC) set the Yuan reference rate at 6.8238 versus yesterday’s fix of 6.8197.

Moving on for the day, we have the Markit France Manufacturing PMI which has a slight edge when compared to the previous release at 53.8 and is forecasted at 54.

Mixed results were seen for Germany with the Markit Services PMI looking better in the
day. However, the Markit PMI Composite and Markit Manufacturing PMI looked weaker
and shall pull down Germany.

Euro seems to be weaker for the day with the Markit Services PMI and Markit Manufacturing PMI coming in short of expectations compared to the previous releases and this should be a negative sign for the Euro.

Bank of Canada’s (BoC) Consumer Price Index Core did not support the Canadian dollar and may weaken them in the day as the forecasted rates are on a shortfall than the previous releases. Greenback seems to be the best bet for the day as the Markit Manufacturing PMI is doing much better than the previous release along with the Markit Services PMI. The major boost for the greenback comes with the New Home Sales Change. Late in the day, we have the FOMC Member Powell’s speech and MPC Member Forbes speech.

 
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