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Intra-day Market Moving News
3 Aug 2021 02:41 EUR/USD - 1.1873.. The single currency moves narrowly in quiet Asian morning after intra-day choppy swings in Mon's directionless session. Although price inched higher from 1.1859 (Asia) to 1.1887 in European morning after upbeat German retail sales n hit session highs of 1.1896 but only to pare intra-day gain n fell back to 1.1866 on cross selling esp vs yen. 
 
As y'day's retreat from 1.1896 suggests choppy trading below Fri's 1-month peak at 1.1909 would continue with downside bias, below 1.1852 (reaction low) would confirm recent rise fm 1.1753 (Jul low) has made a temp. top, then weakness to 1.1830 would be seen but reckon 1.1800/05 would hold. Offers are tipped at 1.1890/95 with stops abv 1.1910 while bids are noted at 1.1865/55 with stops reported below 1.1850. 
 
Eco. calendar is pretty light with EU's PPI being the only data due out at 09:00GMT. 
 
3 Aug 2021 02:32 USD/JPY - 109.23.. Dlr remains on the back foot in subdued Asian trading following selloff on Mon from 109.77 (Asia) to as low as 109.19 in NY morning as selloff in U.S. yields triggered broad-based yen buying. 
 
As Mon's weakness suggests re-test of Jul's 7-week trough at 109.07 would be seen after consolidation, break would extend decline from Jul's 111.65 peak to 108.80/90, reckon daily sup at 108.57 should remain intact. Offers are tipped at 109.35/40 with stops abv 109.60. Bids are noted at 109.20-10 with stops touted below 109.00.  
 
On the data front, U.S. will release redbook sales, factory orders n then durable goods order. U.S. Fed Governor Bowman is scheduled to speak at a virtual research seminar at 18:00GMT. 
 
2 Aug 2021 23:38 USD/JPY - 109.30... Reuters reported core consumer prices in Tokyo rose 0.1 percent in July from a year earlier, government data showed on Tuesday. 
 
The core consumer price index for Japan? capital, which includes oil products but excludes fresh food prices, compared with economists' median estimate that prices were unchanged from the same period a year ago. 
 
2 Aug 2021 14:26 USD/MAJORS - Reuters reported U.S. manufacturing continued to grow in July, though the pace slowed for the second straight month as spending rotates back to services from goods and shortages of raw materials persist. 
 
The Institute for Supply Management (ISM) said on Monday its index of national factory activity fell to 59.5 last month, the lowest reading since January, from 60.6 in June.
2 Aug 2021 10:29 GBP/USD - 1.3905... The British pound traded sideways inside a narrow range in New Zealand after Friday's selloff from 1.3983 to 1.3888 and edged briefly lower to 1.3887 in Asian morning. However, lack of follow-through selling triggered short-covering and the pair rose to session highs at 1.3932 in European morning before retreating again on cross-selling of sterling especially vs euro. 
 
Cable's intra-day retreat from 1.3933 suggests further choppy trading below last Friday's 1.3983 high would continue with downside bias and below 1.3987 would bring stronger retracement of upmove from July's 5-1/2 month trough at 1.3573 towards 1.3840/50. Offers are now seen at 1.3910/20 and more above at 1.3930/40 with stops building up above there whilst initial bids are noted at 1.3800/10. 
 
2 Aug 2021 08:31 GBP/USD - 1.3926... Reuters reported Britain's factories reported a further slowing of growth in July - although it was still one of the fastest paces on record - as they struggled with staff shortages and supply chain problems caused by the COVID-19 pandemic, a survey showed on Monday. 
 
The IHS Markit/CIPS UK Manufacturing Purchasing Managers' Index (PMI) dipped to 60.4 from June's 63.9. The July reading was unchanged from a preliminary "flash" figure. 
 
2 Aug 2021 08:00 EUR/USD - 1.1883... Reuters reported manufacturing activity across the euro zone continued to expand at a blistering pace in July as the reopening of the economy led to rocketing demand, but supply bottlenecks sent input costs soaring, a survey showed on Monday. 
 
IHS Markit's final manufacturing Purchasing Managers' Index (PMI) dipped to 62.8 in July from June's record high of 63.4 but was above an initial 62.6 "flash" estimate. 
 
An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good guide to economic health, fell from June's 62.6 to 61.1. Anything above 50 indicates growth. 
 
2 Aug 2021 07:56 EUR/USD - 1.1884... Reuters reported faster growth in new orders and employment boosted Germany's manufacturing sector in July, when an expansion gained pace after briefly losing momentum in May, a survey showed on Monday. 
 
IHS Markit's final Purchasing Managers' Index (PMI) for manufacturing, which accounts for about a fifth of the economy, rose to 65.9 in July from 65.1 in June. The July reading was the third highest since the survey began in 1996. 
 
2 Aug 2021 06:10 EUR/USD - 1.1873... Reuters reported German retail sales increased much more than expected in June following an easing of COVID-19 restrictions, supporting hopes for a consumer-driven recovery in Europe's largest economy, data showed on Monday. 
 
The Federal Statistics Office said retail sales rose 4.2% on the month in real terms after an upwardly revised jump of 4.6% in May. The June reading was more than double a Reuters forecast for a rise of 2.0%. 
 
2 Aug 2021 05:28 USD/JPY - 109.67... Reuters reported Japan's consumer confidence improved slightly in July from June, a government survey showed on Monday. 
 
The seasonally-adjusted consumer confidence index stood at 37.5 in July, up from 37.4 in the previous month, the survey showed. 
 
2 Aug 2021 02:57 EUR/USD - 1.1872.. The single currency is in holding pattern in Asia after retreating from Fri's 1-month high of 1.1909 ahead of NY open to session lows of 1.1852 in NY morning as mildly upbeat U.S. data led to broad-based short covering in usd. 
 
As said Fri's retreat suggests recent erratic rise from Jul's 3-1/2 month trough at 1.1753 has made a temporary top at 1.1909, consolidation with downside bias is seen, below 1.1830 would yield stronger retracement to 1.1800/05. Order board is pretty thin with offers tipped at 1.1880/90 with stops abv 1.1910 while some bids are noted at 1.1855-50 with stops below there. 
 
Today is PMI day in the euro area countries, pls refer to our EI page for details n pay attention to Germany's n EU's Markit PMI, a weaker-than-expected number will weigh on the euro. 
 
2 Aug 2021 02:43 USD/JPY - 109.67.. Dlr moves narrowly on the first trading day of Aug in subdued Asian morning following a rebound fm Fri's 9-day trough of 109.37 (Asia) to 109.83 in NY following release of a slew of mildly upbeat U.S. data. 
 
As said Fri's bounce suggests further choppy swings abv Jul's 7-week trough at 109.07 would continue, abv 109.83 would encourage for further subsequent headway twd 110.28. Bids are noted at 109.60-50 with stops below 109.30 while offers are tipped at 109.85/90 with stops touted abv there. 
 
U.S. will later release Markit mfg PMI, then construction spending n ISM mfg PMI, if PMI data beat market forecasts, then usd will extend Fri's gain. 
 
2 Aug 2021 02:15 USD/MAJORS... Reuters reported U.S. senators finalized details on Sunday of a sweeping $1-trillion plan to invest in roads, bridges, ports, high-speed internet and other infrastructure, with some predicting the chamber would pass the bipartisan legislation this week. 
 
The massive infrastructure package, a goal that has eluded Congress for years, is a top legislative priority for Democratic President Joe Biden and would represent the largest investment in U.S. infrastructure in decades. 
 
Senators said the 2,702-page bill included $550 billion in new spending over five years for items such as roads, rail, electric vehicle charging stations and replacing lead water pipes on top of $450 billion in previously approved funds. 
 
2 Aug 2021 01:47 USD/MAJORS... Reuters reported China's factory activity growth slipped sharply in July as demand contracted for the first time in over a year in part on high product prices, a business survey showed on Monday, underscoring challenges facing the world's manufacturing hub. 
 
The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 last month from 51.3 the month before, the lowest level since April 2020. 
 
Analysts polled by Reuters had expected the index to ease to 51.1. The 50-mark separates growth from contraction on a monthly basis. 
 
2 Aug 2021 00:56 USD/MAJORS... Reuters news, U.S. Senator Sinema says : 
 
- introduces roughly $1 trillion bipartisan infrastructure bill on senate floor 
 


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