The independent measure of China’s manufacturing sector, the Caixin manufacturing PMI, advanced above the 50=point threshold. At 50.4, the indicator not only returned to growth territory but also beat expectations that stood at 49.8 points for June. The Australian dollar is unimpressed, trading under the round number of 0.77. Why? China is Australia’s No. 1 [...]
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The Canadian dollar enjoyed a move to the upside, as oil prices recovered and the US dollar came under pressure. What’s next? Here is their view, courtesy of eFXnews: Scotiabank FX Strategy Research comments on the latest IMM report (covering up to Tuesday, June 27 and were released Friday, June 30). In particular, ScotiaFX notes [...]
The post Massive CAD Short Squeeze As Investors Turn Neutral On USD appeared first on Forex Crunch.
EUR/USD finally made a breakthrough and holds onto higher ground. What’s next? Here is their view, courtesy of eFXnews: Nordea FX Strategy argues that while the longer-term direction for EUR/USD is higher, the pair is ripe for a setback in the near-term. “Everyone is already long European equities, seasonality for Bund yields is negative for July [...]
The post EUR/USD: Higher L-Term But Ripe For A Setback N-Term On Change In Unhedged Flows – Nordea appeared first on Forex Crunch.
