Higher than expected EU inflation in May sends fresh warning to the ECB
Consumer prices in the Eurozone rose by 2.6% year on year in May, moving further away from the ECB's 2% target, following an increase by 2.4% in the previous two months and ticked above 2.5% consensus.
A more significant and closely…
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Activity in China’s manufacturing sector unexpectedly slows in May – PMI
China’s official manufacturing purchasing managers' index (PMI) dropped to 49.5 in May from 50.4 in April and missed forecast at 50.4, hitting the levels below the 50 level, which separates growth from contraction.
The unexpected…
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Swiss franc rises to two-week high vs dollar and pressures key obstacles
Strong acceleration lower pushed the USDCHF to two-week low on Thursday.
Swiss franc advanced nearly 1% until early US trading, marking the biggest one-day gain since late December, underpinned by better than expected Swiss Q1 GDP…
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US Q1 economic growth revised lower
The US economy experienced slower growth in the first quarter of the year than initially estimated, with GDP increasing at an annualized rate of 1.3%, down from the previously reported 1.6%.
This is a significant decline from the 3.4%…
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USDTRY – extended consolidation likely to precede fresh strength as negative fundamentals…
Turkish lira performed a bit better vs US dollar in May but remains within broader range above new record low.
USDTRY stays in prolonged sideways mode, with persisting risk of fresh rise, as fundamentals work against Turkey’s currency…
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EURUSD – bears face strong headwinds at key support zone
The Euro is consolidating in early Thursday, following a sharp fall on Wednesday (the pair was down 0.5% in the biggest daily loss since Apr 30), driven by fresh risk aversion.
Bears found a footstep above strong supports at /1.0790/80…
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Bitcoin – near-term bias to remain bullish above 66K
Bitcoin stands at the back foot following repeated failure to clear psychological 70K barrier, though near-term action is still holding within a range (66915/71933), part of larger consolidation below new record high and moving in a…
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German inflation rose above expectations in May
The preliminary data indicating a slight rise in German inflation to 2.8% in May, higher than the forecasted 2.7%, signals persistent price pressures in Germany, the EU's largest economy.
This uptick follows a 2.4% increase in consumer…
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WTI oil – OPEC+ likely to keep its production cut and further support the price
WTI oil price rose further on Wednesday, extending advance into fourth straight day, following strong acceleration on Tuesday, which resulted in a daily gain of 2.1% and close above important barriers at $79.83/$80.00 (200DMA /…
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USDJPY holds bullish bias but daily techs mixed; all eyes on US inflation data
USDJPY attempts to break above near-term narrow range and sustain gains after Tuesday’s marginal close above pivotal Fibo barrier at 157.01 (61.8% of 160.19/151.85 pullback), where attacks repeatedly failed last week.
Technical signals…
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