China PMI data hurts risk

<p>The China HSBC manufacturing PMI data was released slightly weaker at 50.5 versus the previous reading of 50.8, which has led to suggestions that the […]</p>

The China HSBC manufacturing PMI data was released slightly weaker at 50.5 versus the previous reading of 50.8, which has led to suggestions that the recent strength seen in growth may now have peaked for the Chinese economy.

In other news, the Japanese Tankan manufacturing Index rose to the highest levels since 2007; although this failed to rally the Nikkei, which fell 1.6% and has subsequently driven $/JPY back below 103 – with position adjusting sighted as the reason, ahead of the FOMC on Wednesday.

ECB President Mario Draghi told the French newspaper the Le Journal du Dimanche that the ECB has done all it can for the moment to stimulate growth although they were ready to act at a later stage if required. It was also announced that ECB executive board member, Joerg Asmussen, will leave the central bank to take up a role in the new German government.

The data focus today will be the PMI data from Europ. The Empire state manufacturing and industrial production data will be the highlights from across the pond as the CFTC data showed a reduction in cable longs while euro longs increased.



Supports 1.3710-1.3675-1.3625 | Resistance 1.3770-1.3810-1.3835



Supports 102.60-102.10-101.60 | Resistance 103.35-103.90-104.20



Supports 1.6260-1.6220-1.6180 | Resistance 1.6400-1.6485-1.6500


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