Intraday Market Thoughts

Euro's PMI Squeeze, GBP Awaits GDP

by Ashraf Laidi
Jul 24, 2014 19:23

Euro's reprieve from better than expected PMI data proved short-lived, while GBPUSD selling intensified today ahead of Friday's release of UK Q2 GDP. 1 of 2 GBUSD trades has been stopped out. We issue fresh trades in EURUSD and GBPUSD with four new charts ahead of Friday's UK data. Our Premium trades in EURJPY remain in progress, while our two EURAUD shorts, are +500 pts in the money, with the 1.4600-1.4630 short entry on Tuesday, targeting 1.4200 missed its final target by 12 pips (today's low was 1.4212). Similarly, our long in AUDNZD issued on Tuesday at 1.0830 produced a high of 1.1016 on Thursday, 4 pips short of the final 1.1020 target. The trade remains intact. All charts & trades are found the Trades section.

Act Exp Prev GMT
Eurozone - Indice PMI des services allemand (JUL) [P]
56.6 54.5 54.6 Jul 24 7:30
Eurozone PMI Manufacturing [P]
51.9 51.7 51.8 Jul 24 8:00
Eurozone Services PMI [P]
54.4 52.7 52.8 Jul 24 8:00
GDP (Q2) (q/q) [P]
0.8% 0.8% Jul 25 8:30
GDP (Q2) (y/y) [P]
3.1% 3.0% Jul 25 8:30

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