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Daily Forex Preview – 06/01

EURUSD eased off the 9 year lows near 1.186 levels to close modestly higher near 1.195. With not much of events scheduled for today from the European session, with the exception of the services PMI data, the Euro is likely to drift along in the run up to the US ISM data and factory orders.

The Japanese Yen was relatively stronger yesterday against most of its peers in what seems like a risk aversion sentiment boosting the safe haven flows. Global stocks, especially from the Europe were weaker yesterday which explains the Yen’s short term strength. With the daily candlestick closing in a bearish engulfing, the USDJPY looks poised for another day of declines today.

During today’s early Asian trading session, data from Japan showed the annualized monetary base printing a higher reading at 38.2% vs. 34.3% forecasts while Australian trade deficit managed to shrink to -0.93 billion, beating estimates which called for a decline only 1.59 billion. China’s HSBC services PMI managed to edge out meek gains, rising 53.4, modestly higher from 53 previous month.

The European session is marked with services PMI data being released. The services sector has been broadly stronger across the board and today’s data could possibly boost some of the weaker currencies to the upside.

Fundamentals Recap – January 5, 2015
• Australia AIG manufacturing index 46.9 vs. 50.1 previously
• Japan final manufacturing PMI 52 vs. 52.1 previously
• German preliminary CPI m/m 0% vs. 0.1%
• Switzerland SVME PMI 54 vs. 52.9
• Eurozone Sentix investor confidence rises 0.9 vs. -0.9 estimates
• UK construction PMI dips to 57.6 vs. 59.2

Fundamentals – January 6, 2015
• Australia trade balance -0.93bn vs. -1.59bn
• China HSBC services PMI 53.4
• Spain services PMI to rise to 52.9
• Italy services PMI to remain steady at 51.7
• Eurozone services PMI to remain steady at 51.9
• UK services PMI to ease to 58.9
• New Zealand Global dairy price index to be released
• US Final services PMI to rise to 53.8
• US ISM non-manufacturing PMI to ease to 58.2
• US Factory orders m/m to decline -0.3%

Tuesday, 06 Jan, 2015 / 2:52

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