EUR/USD

The EUR/USD rate is moderately growing and has reached the level of 1.1673 against the background of the ambiguous statistics from the eurozone, published on Tuesday. On year-on-year basis, the indicator dropped to 1.4% in May from 1.6% a month earlier. MoM the indicator made up 0.0% in May against –0.1% a month earlier. Producer Price index YoY grew to 3.0% in May and to 0.8% MoM in May. The euro is suported by the German government crisis resolution. Leaders of CDU (Angela Merkel) and CSU (Horst Seehofer) managed to find compromise on a controversial migration issue.

Today, traders will pay attention to the publication of Markit Services PMI in Germany and the EU. The indicators are expected to remain at the same levels of 55.0 points for the EU and 53.9 points for Germany.

GBP/USD

The GBP/USD quotes are growing with the support of positive data on the Construction PMI in the UK, which rose to 53.1 points in June from 52.5 points a month earlier. Against this backdrop, the GBP/USD rate rose to the area of 1.3198, where it is currently traded.

Today, investors are waiting for the publication of data on Markit Services PMI. The indicator is expected to remain unchanged at the level of 54 points.

AUD/USD

The AUD/USD rate rose to the mark of 0.7415 against the background of ambiguous statistics from Australia. AiG Services PMI grew up to 63 points in June from 59 a month earlier. Trade balance fell to USD 0.827B in May from 0.472B a month earlier. Retail sales turned out to be better than the forecast and grew to 0.4% in May, against the expected 0.3%.

USD/JPY

Quotes of USD/JPY fell to the area of the level of 110.35. Yesterday's positive statistics from the US and today's weak data on the Markit Services PMI are ignored by the market. The decrease of the USD/JPY rate is of a technical nature against the backdrop of fixing profit on long positions. Markit Services PMI in Japan grew to 51.4 points in June against the forecast of 51.6 points (the previous value is 51.0 points).

Gold

Quotes of gold corrected upwards and reached the level of 1257.80 after a prolonged decline. Against the background of the lack of important fundamental data, the correction is of a technical nature. The drop in gold quotations to the area of the seven-month lows provides investors with conditions for fixing profits on short positions.

Morning Market Review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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