Forex news for US trading on June 1, 2015:

  • US ISM manufacturing PMI May 52.8 vs 52.00 exp
  • construction spending April mm +2.2% vs +0.7% exp
  • US April PCE core 1.2% y/y vs 1.3% expected
  • US personal spending 0.0 % vs +0.2% exp
  • US personal income April +0.4 % vs +0.3% exp
  • US Markit mftg PMI May 54.0 vs 53.8 exp
  • RBC Canadian mftg PMI May 49.8 vs 49.0 prev
  • Fed's Rosengren says conditions not reached to start tightening yet
  • Fed's Fischer says don't rule out monetary policy to tackle financial crises
  • ECB's Nowotny says a failure of QE would mean monetary policy is no longer sufficient
  • French jobless total rises 0.7% in April to new record level of 3.5 million
  • May 2015 German HICP flash 0.7% vs 0.6% exp y/y
  • Saudi oil minister says OPEC strategy is working
  • Draghi, Merkel, Hollande said to discuss Greece tonight
  • Gold down $1 to $1190
  • WTI crude flat at $60.32
  • S&P 500 up 5 points to 2115
  • US 10-year yields up 6 bps to 2.18%
  • USD leads, CAD lags

The day turned on the ISM and construction spending data. It was proof again that the US dollar is hungry for good news. That sent USD/JPY to a fresh 12 year high at 124.92 and up about 75 pips in three separate legs of gains. Offers ahead of 125.00 capped the gains but we finally have a bona fide close above 124.14.

EUR/USD finished the day down more than 60 pips but murmurs about a Greek deal are getting stronger. On the other hand, there's talk of an ultimatum so it could swing either way. The move today was more of a USD-driven move but tomorrow's move will probably be driven by the euro and it could be a large one.

Cable fell for the seventh consecutive day. It's been a currency that's moved in long, consistent swoops in recent months. The post-election glow is now completely off. The low of 1.5171 was the worst since early May.

USD/CAD posted a solid gain, climbing to 1.2560 on the US data but it hit some offers there and pulled back to 1.2521. Oil and commodities were generally lower but not a huge factor.

AUD/USD continued to wilt but at a slower pace. The low was 0.7598 in the 11th loss in 13 sessions. The April low of 0.7553 looms.