USD gains slightly on poor Chinese data overnight; traders await release of US housing data today
City Index July 24, 2013 2:01 PM
<p>Another low volume day yesterday, with USD weakness and no data released. Overnight we saw some weak China PMI data which has now fallen to […]</p>
Another low volume day yesterday, with USD weakness and no data released. Overnight we saw some weak China PMI data which has now fallen to an 11-month low. This has caused AUD, NZD and EUR to drop as USD strengthens through the night and continues today.
Today we have the eurozone flash manufacturing PMI expected at 49.1, with German and French PMI also both expecting slightly better data. This should give the euro a slight edge through the morning if data is as expected. In the afternoon we have the US flash manufacturing PMI, expected at 52.5 and new home sales expected at 482k. Both are expected to be better than previous numbers so this could give the USD some strength that has been lacking this week due to lack of data. So for another day we can expect some more tight ranges.
Supports 1.3175 1.3150 1.3125 | Resistance 1.3235 1.3250 1.3275
Supports 99.30 99.00 98.85 | Resistance 100.00 100.30 100.90
Supports 1.5330 1.5285 1.5250 | Resistance 1.5390 1.5415 1.5450
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