EUR/USD has given some marginal ground during Asian trade, risk sentiment underminned by weaker than expected Chinese PMI data. May PMI fell to 53.9 from 55.7 in April, below the median forecast of 54.5.
Euro zone data due today:
06:00 GMT: German retail sales for April expected +1.0% m/m, -0.7% y/y
06:45 GMT: French producer prices for April
06:45 GMT: French non-farm payrolls Q-1
07;45 GMT: Italian manufacturing PMI for May expected 64.7 from previous 65.9
07:50 GMT: French manufacturing PMI for May (final) expected 53.5
07:55 GMT: German manufacturing PMI for May (final) expected 58.3
07:55 GMT: German unemployement change for May expected -15k; unemployment rate expected unchanged at 7.8%
08:00 GMT: Euro zone manufacturing PMI for May (final) expected 55.9
09:00 GMT: Euro zone unemployment for April expected 10.1% from 10.0%
Talk buy orders, said to include sovereign interest, now down at 1.2225/50, stops through 1.2220 and 1.2200.
We’re into June and I’m getting a touch of deja vu. Last Summer it seemed to me China ruled the roost in EUR/USD, even more so than usual. Late last week heard them selling up around 1.2450 and then sniffing around seemingly looking to buy back below 1.2250, and here we are still ensconsed in that range. Oh-eh.
