European Summary and Highlights 24 July
The EUR saw modest losses through the European morning after weaker than expected German and Eurozone PMI data.
European morning session
The EUR saw modest losses through the European morning after weaker than expected German and Eurozone PMI data. Composite Eurozone PMI dropped to 50.1, the lowest since February, while UK PMI outperformed, with the composite rising slightly more than expected. EUR/USD fell to 1.0840 after opening at 1.0850, while EUR/GBP slipped below 0.84 after opening at 0.8415. USD/JPY was net slightly higher on the session after falling back in Asia, helped by a modest recovery in equities in the European morning. Earlier, the German Gfk consumer climate index rose to -18.1, its best since April 2022.
Asia session
USD/JPY resume its downward traction on Wednesday after a brief relief rally in early Asia to challenge the 156 figure. U.S. Treasury Yields are slipping in the front while JGB yields in the green. The July Flash Service PMI came in stronger than June, which may have lend minor support to JPY strength as it could suggest higher inflationary picture. USD/JPY is now trading 0.51% lower at 154.79.
The USD is trading broadly stronger against majors on Wednesday except against the JPY. Major equity indexes are also in the red with Chinese equities closing the gap and squeeze out some gains. AUD/USD is trading 0.39% lower at 0.6590, NZD/USD led the losses by 0.62% to 0.5919 while USD/CAD rose 0.07% as oil slips thirty cents. Else, EUR/USD is down 0.07% and GBP/USD is down 0.15%.