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03.08.2015 12:19

Foreign exchange market. European session: the euro traded lower against the U.S. dollar as the Greek stocks dropped after the reopening of the Greek stock exchange

Economic calendar (GMT0):

(Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual)

00:30 Australia MI Inflation Gauge, m/m July 0.1% 0.2%

01:00 Australia HIA New Home Sales, m/m June -2.3% 0.5%

01:30 Australia ANZ Job Advertisements (MoM) July 1.3% -0.4%

01:35 Japan Manufacturing PMI (Finally) July 50.1 51.4 51.2

01:45 China Markit/Caixin Manufacturing PMI (Finally) July 49.4 48.2 47.8

07:30 Switzerland Manufacturing PMI July 50 50.7 48.7

07:50 France Manufacturing PMI (Finally) July 50.7 49.6 49.6

07:55 Germany Manufacturing PMI (Finally) July 51.9 51.5 51.8

08:00 Eurozone Manufacturing PMI (Finally) July 52.5 52.2 52.4

08:30 United Kingdom Purchasing Manager Index Manufacturing July 51.4 51.6 51.9

The U.S. dollar traded mixed to higher against the most major currencies ahead of the U.S. economic data. The personal consumer expenditures (PCE) price index excluding food and energy is expected to increase 0.1% in June, after a 0.1 rise in May.

Personal income in the U.S. is expected to rise 0.5% in June, after a 0.4% gain in May.

Personal spending in the U.S. is expected to gain 0.2% in June, after a 0.9% gain in May.

The final manufacturing purchasing managers' index is expected to climb to 53.8 in July from 53.6 in June.

The ISM manufacturing purchasing managers' index is expected to climb to 53.6 in July from 53.5 in June.

The euro traded lower against the U.S. dollar as the Greek stocks dropped after the reopening of the Greek stock exchange. The Athens Stock Exchange reopened on Monday after a five-week halt.

Meanwhile, the economic data from the Eurozone was mostly better than expected. Eurozone's final manufacturing purchasing managers' index (PMI) fell to 52.4 in July from 52.5 in June, up from a preliminary reading of 52.2.

The upward revision was driven by a stronger than previously recorded rise in Germany.

Markit's Chief Economist Chris Williamson said that June's PMI was "the Eurozone manufacturing economy showed encouraging resilience in the face of the Greek debt crisis in July".

Germany's final manufacturing purchasing managers' index (PMI) declined to 51.8 in July from 51.9 in June, up from a preliminary reading of 51.5.

The increase was driven by a rise in production and new orders.

"The German manufacturing sector remained stuck in a low gear at the start of the third quarter, with the PMI signalling further, albeit only modest, growth," Markit economist Oliver Kolodseike said.

France's final manufacturing purchasing managers' index (PMI) dropped to 49.6 in July from 50.7 in June, in line with the preliminary reading.

The British pound traded lower against the U.S. dollar despite the better-than-expected the manufacturing PMI from the U.K. The Markit/Chartered Institute of Procurement & Supply manufacturing PMI for the U.K. increased to 51.9 in July from 51.4 in June, exceeding expectations for a rise to 51.6.

The increase was driven by the strong performance of the consumer goods sector.

New orders dropped to 52.2 in July, the lowest level since September 2014. The stronger pound weighed on new orders.

"Although an uptick in the headline PMI breaks the decelerating trend in UK manufacturing, growth remains near-stagnant and suggests that the sector is continuing to act as a drag on the economy. With the sterling-euro exchange rate still sapping export demand and constraining growth of total order inflows, its seems that we will again look to the service sector to sustain any semblance of reasonable economic growth in the third quarter," Markit's Senior Economist Rob Dobson said.

The Swiss franc traded lower against the U.S. dollar after the weaker-than-expected the manufacturing PMI from Switzerland. Credit Suisse released its manufacturing purchasing managers' index (PMI) for Switzerland on Monday. The manufacturing purchasing managers' index in Switzerland was down to 48.7 in July from 50.0 in June, missing expectations for an increase to 50.7.

The decline was driven by a drop in purchase prices and backlog of orders. Purchase prices decreased three points to 40.2 points in July, while the backlog of orders sub-index declined by 2.6 points to 48.5.

Production rose 0.7 points to 55.5 in July, while the employment sub-index remained unchanged 41.6.

EUR/USD: the currency pair decreased to $1.0942

GBP/USD: the currency pair fell to $1.5564

USD/JPY: the currency pair rose to Y124.27

The most important news that are expected (GMT0):

12:30 U.S. Personal spending June 0.9% 0.2%

12:30 U.S. Personal Income, m/m June 0.5% 0.4%

12:30 U.S. PCE price index ex food, energy, m/m June 0.1% 0.1%

12:30 U.S. PCE price index ex food, energy, Y/Y June 1.2%

13:45 U.S. Manufacturing PMI (Finally) July 53.6 53.8

14:00 U.S. ISM Manufacturing July 53.5 53.6

03.08.2015 12:01

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