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Intra-day Market Moving News
1 Jun 2020 08:10 USD/MAJORS - Bloomberg TV reports, China says : 
 
- to halt some U.S. soy imports as tensions rise
1 Jun 2020 08:01 EUR/USD - 1.1144... Reuters reported euro zone manufacturers appear to have passed their nadir, a survey showed on Monday, but activity is still contracting sharply as government-imposed lockdowns due to the coronavirus pandemic keep demand in check. 
 
So after crashing to its lowest reading in the survey's nearly 22-year history in April, IHS Markit's Manufacturing Purchasing Managers' Index (PMI) recovered somewhat last month. 
 
It rose to 39.4 in May from April's 33.4, still a long way from the 50 mark that separates growth from contraction and just below an earlier flash reading of 39.5. 
 
1 Jun 2020 08:00 USD/MAJORS... Reuters reported China said on Monday the United States was "addicted to quitting" following Washington's decision to leave the World Health Organization (WHO) and said the withdrawal reveals a pursuit of power politics and unilateralism. 
 
Foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that the international community disagreed with what he said was the selfish behaviour of the United States. 
 
1 Jun 2020 07:55 EUR/USD - 1.1146... Reuters reported Germany's manufacturing sector continued to contract in May as factories facing weak demand because of the coronavirus pandemic laid off staff, according to a survey published on Monday that showed businesses were pessimistic about the future. 
 
IHS Markit's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of Europe's biggest economy, rose to 36.6 from 34.5 in April. The flash reading was 36.8. 
 
1 Jun 2020 07:51 EUR/USD - 1.1146... Reuters reported France's manufacturing activity rose in May as the country began to emerge from a nearly two-month coronavirus lockdown, pulling the sector out of a nosedive that had seen activity hit a record low a month earlier, a survey showed on Monday. 
 
Data compiler IHS Markit said its final Purchasing Managers' Index rose to 40.6 from 31.5 in April. That was slightly better than a preliminary reading of 40.3 though it remained far below the 50-point line dividing expansions in activity from contractions. 
 
The government put France under one of the strictest lockdowns in Europe in mid-March and only began lifting some restrictions on May 11. Further easing is due on June 2. 
 
1 Jun 2020 07:47 EUR/USD - 1.1152... Reuters reported Italian manufacturing activity shrank in May for the 20th month running but much less steeply than the month before, a survey showed on Monday, as Italy emerged from its lockdown to try to contain one of the world's worst coronavirus outbreaks. 
 
The IHS Markit Purchasing Managers' Index (PMI) rebounded to 45.4 from 31.1 in April, remaining well below the 50 mark that separates growth from contraction. 
 
The data was considerably less weak than expected. The median forecast in a Reuters survey of nine analysts had pointed to 37.0. 
 
1 Jun 2020 07:44 USD/MAJORS... Reuters news, China's Foreign Ministry, on U.S. cutting ties with WHO, says : 
 
- international community disagrees with this selfish behaviours 
- U.S. a habitual quitter 
- U.S.'s withdrawal reveals pursuit of power politics and inilateralism 
- China call on international community to increase financial and political support for WHO 
- U.S. visa restrictions against Chinese students racial discrimination, political persecution 
 
1 Jun 2020 07:26 USD/MAJORS... Reuters reported China on Monday said that U.S. attempts to harm Chinese interests will be met with firm countermeasures, criticising Washington's decision to end special treatment of Hong Kong as well as actions against Chinese students and companies. 
 
Foreign ministry spokesman Zhao Lijian told reporters during a briefing that both countries stand to benefit from bilateral cooperation but said Beijing will resolutely defend its security and development interests. 
 
1 Jun 2020 06:33 GBP/USD - 1.2394... Reuters news, UK Business Secretary Sharma says : 
 
- on easing lockdown: these are very cautious steps we are taking  
 
Reuters then reported the British government is following scientific advice in cautiously easing the coronavirus lockdown, Business Secretary Alok Sharma said on Monday, after criticism from some prominent epidemiologists. 
 
1 Jun 2020 05:40 USD/MAJORS... Citing sources from Bloomberg TV, Cleveland Fed's Mester says : 
 
- no decisions have been made on yield-curve control 
 
1 Jun 2020 03:11 EUR/USD - 1.1136.. The single currency catches a bid in Asia on Mon due to renewed usd's weakness on return of risk appetite after Sun's upbeat China official PMIs n also stronger-than-expected China's private PMI, price met renewed buying at 1.1097 (NZ) n rose to 1.1140 in Asian morning.  
 
Despite pullback fm Fri's 2-month high of 1.1144 to 1.1082 in NY session as traders took profit ahead of Trump's press conference on China, traders bought euro vs usd n yen in Asia, suggesting re-test of daily res at 1.1147 would be seen next where a break theere would bode well for further headway to 1.1172, then later 1.1200/10. Order board is thin on this Mon as many European centres are closed for Whit Mon holiday, some bids are noted at 1.1100-1.1080 with stops below 1.1060 whilst some offers are tipped at 1.1040/50 with stops touted abv there. 
 
The euro area countries will release a slew of PMI data despite holidays in key centres in Germany n France, pls refer to our EI page for details. 
 
1 Jun 2020 03:00 USD/JPY - 107.70.. Dollar moved relatively narrowly in Asia despite intra-day broad-based weakness in usd vs other G7 peers, however, renewed yen selling on return of risk sentiment after U.S. Trump left U.S./ China trade deal untouched at Fri's press conference on China as well as upbeat China official n private PMIs (see previous updates for details) suggest range trading with upside bias remains. 
 
As rebound fm Fri 107.09 low (Europe) to 107.89 in NY suggests pullback fm May's peak at 108.08 has possibly ended, bullisness remains for re-test of this res. Bids are noted at 107.65-55 with stops below 107.30, more stops are reported below 107.00. Offers are tipped at 107.90/00 with stops touted abv 108.10. 
 
Today is PMI day in the U.S., we have Markit mfg PMI, construction spending n then ISM mfg PMI. 
 
1 Jun 2020 01:45 USD/CNH - 7.1253(offshore)... Reuters reported China's factory activity unexpectedly returned to growth in May as strict measures to contain the coronavirus outbreak were eased, but the improvement was marginal as export orders continued to shrink, a private business survey showed on Monday. 
 
The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) rose to 50.7 last month, from April's contractionary 49.4. The 50-mark separates growth from contraction on a monthly basis. Analysts polled by Reuters had expected a reading of 49.6. 
 
1 Jun 2020 00:32 USD/JPY - 107.82... Reuters reported Japan's factory activity shrank at the fastest pace since March 2009 in May, a private sector survey showed on Monday, as manufacturers widely struggled with the demand blow from the coronavirus pandemic. 
 
The final au Jibun Bank Japan Manufacturing Purchasing Managers' Index (PMI) fell to a seasonally adjusted 38.4 from 41.9 in March, its lowest since March 2009, and matching a preliminary reading last month. 
 
31 May 2020 23:23 USD/MAJORS - Reuters reported earlier China's factory activity grew at a slower pace in May but momentum in the services and construction sectors quickened, pointing to an uneven recovery in the world's second-largest economy as businesses emerge from coronavirus-led shutdowns. 
 
Manufacturing slowed for a second month although activity has revived from record lows in February, when the government imposed tough travel restrictions, quarantine rules and factory suspensions to curb the spread of the respiratory illness. 
 
The official manufacturing Purchasing Manager's Index (PMI) eased to 50.6 in May from 50.8 in April, National Bureau of Statistics data showed on Sunday, but held above the 50-point mark that separates expansion from contraction on a monthly basis. Analysts had expected a PMI reading of 51. 
 
The official non-manufacturing PMI rose to 53.6 in May, from 53.2 in April, suggesting the sector's business and consumer confidence may slowly be improving. 
 


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