August 1, 2016: The CHF is the strongest. The AUD is the weakest.
The currency week is off and running and the CHF is the strongest currency while the AUD is the weakest. Putting the moves into perspective, there is not a lot to start the week. The high to low trading ranges are all below the 22 day averages. In addition to the AUD, the GBP was also weak in the European session. Markit ISM manufacturing was weaker at 48.2 vs 49.1 estimate.
For the greenback, the dollar has recovered some of the losses from Friday's GDP inspired weakness but only modestly. It has done the best against the the AUD with the other commodity currencies CAD and NZD, also falling against the greenback. WTI oil prices did head back below $41 per barrel (low $40.88) before rebounding back above the $41 (currently trades at $41.18). The EURUSD has a very narrow trading range at 29 pips so far (the 22 day average is 79 pips - there is room to extend).
On the economic calendar today, the highlight is the ISM Manufacturing PMI data (9:45 AM with the Markit PMI. At 10 AM the ISM Manfacturing index will be released) For the Markit PMI the expectation is for 52.9 while the ISM manufacturing PMI is expected to fall to 53.0 from 53.2 (prices paid 61.0 vs 60.5).
