- Japan June PMI falls to 50.7
- UK consumer confidence falls to -25 in June from -21 in May
- NBNZ New Zealand business outlook 46.5%, up from 38.3%
- Australian May private sector credit +0.3% MoM
- Shares mixed with Nikkei and Kospi flat but HK and Sydney +1%
- Gold $1511/oz, Oil $94.70/bbl
Not much in the way of news but there have been quite a few flows to keep traders and dealers interested. Toshin demand for EUR, NZD and AUD has been very noticeable as has end-of-financial-year deamnd for the AUD and NZD.
EUR/USD was the first to move as it triggered stops above 1.4450 barriers. There was no protection of note so there is a suggestion that the barrier had already rolled off. After a quick gap to 1.4477 there was prolonged consolidation between 1.4455/75 before another run during the Tokyo lunch took the pair above 1.4500. Range: 1.4424/1.4503
AUD/USD saw plenty of demand with stop-loss buyers being joined by Toshin-related buyers as well as end-of-fin-year corporate flows. Stops were triggered above 1.0690 and 1.0720. Ranges: 1.0663/1.0739
NZD/USD enjoyed a very similar journey to the AUD/USD, often times leading the market on its way to multi-decade highs above .8300.
USD/JPY and USD/CHF both fell somewhat but lagged the other majors as risk-on buying of the AUD and NZD crosses in particular also influenced. Ranges: USD/JPY 80.50/87 USD/CHF .8310/49
Cable moved higher alongside the EUR/USD but sell orders near 1.6110 are keeping stops safe. Ranges: 1.6046/1.6109, EUR/GBP .8982/.9012
