Forex trading news and economic data 24 July 2015

  • July 2015 France Markit manufacturing PMI flash 49.6 vs 50.7 exp
  • June 2015 Spain PPI 0.9% vs 0.3% prior m/m
  • July 2015 German Markit/BME manufacturing PMI flash 51.5 vs 51.9 exp
  • July 2015 Eurozone Markit manufacturing PMI flash 52.2 vs 52.5 exp
  • June 2015 UK BBA home purchase loans 44,488 vs 43,300 exp
  • ECB's Noyer says Greek banks need some refinancing this summer
  • China throws the aussie into the billabong - First short target reached
  • Welcome to summer - EURUSD could be well supported as liquidity drops
  • Greece sends invite to IMF to start discussions
  • The Chinese might be intervening in the stock market but foreign money is still getting out of Dodge
  • Storm clouds already brewing over Greek bailout negotiations
  • Option expiries for the 10am (14.00 GMT) New York cut

Another slow start to the morning cranked up a gear with the European data. France set the tone as manufacturing went into contraction and it didn't get any better for Germany and the Eurozone as a whole. Both lost momentum but remain in expansion at least. The euro wasn't interested in excuses and from just under 1.100 we dropped to 1.0970, then 1.0960 on France, to 1.0940 on Germany, followed by 1.0930 as the market decided to dump euros. The fact that the Eurozone main number wasn't entirely bad saw the bottom put in and we went back to test 1.0950. We finish the session asleep at 1.0947

The pound decided it had had enough at 1.5500 and so it joined the Euro on the slide. 1.5500 had been holding support but that ran out and we quickly dropped to 1.5467. I'll give you 3 guesses where resistance is now? ;-)

USDJPY is on holiday and largely sat in a 20 pip range between 123.85 and 124.05. US data later on may cause it to put down the summer reading book as we get new home sales and Markit manufacturing data

AUDUSD is looking very sorry for itself after its China PMI whooping and the low and long term support at 0.7270 may get another visit. Again, a big figure is holding the resistance card at 0.7300

If you're checking out now I wish you a fantastic weekend