Forex news from the European morning session 3 August

News:

  • EU sees weaker Greek GDP as a factor in setting new fiscal targets
  • Here's why European manufacturing has a lot going for it
  • Greek bank shares tumble as stock market re-opens
  • Greek stock exchange CEO expects a bounce tomorrow
  • Option expiries 10am NY cut today 3 August

Data:

  • July 2015 UK Markit CIPS manufacturing PMI 51.9 vs 51.6 exp
  • Eurozone Markit mftg PMI final 52.4 vs 52.2 exp
  • Germany Markit mftg PMI July final 51.8 vs 51.5 exp
  • France Markit mftg PMI July final 49.6 as exp
  • Italian Markit manufacturing PMI July 55.3 vs 53.9 exp
  • Spanish manufacturing PMI July 53.6 vs 54.3 exp
  • Nikkei 225 closes down -0.18% at 20,548.11

A steady start to the new month has seen the greenback in general demand with the pound less than perky

Better Eurozone mftg PMI did little to help the euro with focus more on the tumbling Greek stock market on its first day open for a while. EURUSD did have a look at 1.1000 but didn't like it and has since been back to 1.0955 while GBPUSD came under pressure at 1.5640 as EURGBP found a bid to 0.7043 and has been down to test 1.5580 support lines

USDCAD continued its impressive rally to 1.3178 as weaker oil price and the calling of a general election in Canada on Oct 19 provide a double-whammy.

USDCHD also benefitted from some renewed EURCHF demand around 1.0600 and has posted 0.9686 from lows of 0.9650 while USDJPY has held gains above 124.00 and made a steady climb toward 124.30 offers/res

AUDUSD and NZDUSD have both been on the back foot with the former in steady retreat to 0.7270 and the latter flat-lined around 0.6590

Canada holiday today but US mftg PMI may produce a spark or two