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2013-08-01 04:51 GMT
Mixed data spur controversies on Chinese PMI data restrictions
Last month, the National Bureau of Statistics restrained industry-specific data upon publication of Purchasing Manufacturing indexes.
Under the premise implying not enough resources were available to make such analysis public, the Chinese opted to suspend relevant information indicative of this year’s economic performance. As stated by the vice president of the China Federation of Logistics & Purchasing, “We now have 3,000 samples in the survey, and from a technical point of view, time is very limited — there are many industries, you know”. While Chinese provide zero point zone explanations, speculation concerning the reasons behind such measures continues to surge.
Earlier today, Markit Economics released its HSBC Manufacturing PMI for July with matched projections at 47.7 vs. previous 48.2. A decline in the manufacturing sector indicates the Asian economy is contracting as confirmed by Q2’s GDP growth at 7.5 vs. 7.7.Regardless of results, the controversy relies on mixed conclusions that can be drawn from data as the NBS manufacturing indicator for July reached 50.3 vs. projected 49.8 and previous 50.1 on data published the same day. “The EUR/USD hourly chart shows indicators slightly exhausted to the upside but still in positive territory. The 4 hours chart shows price accelerating above 20 SMA while indicators head north above their midlines, supporting an upward continuation on the pair. Movements however may remain limited ahead of ECB tomorrow in the European morning.”-FXstreet.com
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2013-08-01 11:00 GMT
UK. BoE Interest Rate Decision
2013-08-01 11:45 GMT
EMU. ECB Interest Rate Decision
2013-08-01 12:30 GMT
EMU. ECB Monetary policy statement and press conference
2013-08-01 14:00 GMT
USA. ISM Manufacturing PMI
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2013-08-01 04:12 GMT
GBP/USD at fresh session lows ahead of London
2013-08-01 03:09 GMT
USD/JPY totally flat for the week above 98 waiting NFP
2013-08-01 02:55 GMT
AUD/USD, 0.8858 and 8775 next targets - 2ndSkies
2013-08-01 02:25 GMT
EUR/USD flat for the week inside a 150 pip range
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EURUSD
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HIGH
1.33108
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LOW
1.32661
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BID
1.32698
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ASK
1.32702
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CHANGE
-0.25%
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TIME
08:45:58
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OUTLOOK SUMMARY
Neutral
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TREND CONDITION
Downward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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MARKET ANALYSIS - Intraday Analysis
Upwards scenario: Possible upside penetration looks limited now to the next resistive barrier at 1.3288 (R1). Appreciation above this mark might gradually push the pair toward to next targets at 1.3304 (R2) and 1.3319 (R3) in potential.
Downwards scenario: As long as price stays below the next resistance level our technical outlook would be negative. Next on tap is support level at 1.3252 (S1). Penetration below this mark would suggest next targets at 1.3238 (S2) and 1.3223 (S3).
Resistance Levels: 1.3288, 1.3304, 1.3319
Support Levels: 1.3252, 1.3238, 1.3223
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GBPUSD
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HIGH
1.52102
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LOW
1.51535
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BID
1.51597
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ASK
1.51599
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CHANGE
-0.3%
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TIME
08:45:59
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OUTLOOK SUMMARY
Down
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TREND CONDITION
Down
trend
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TRADERS SENTIMENT
Bullish
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IMPLIED VOLATILITY
High
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Upwards scenario: Possible buying interest might push the pair to attack next resistive measure at 1.5187 (R1). Clearance here is required to resume upside formation, targeting marks at 1.5207 (R2) and 1.5226 (R3) later on today.
Downwards scenario: On the other hand, loss of our support level at 1.5146 (S1) would open road for a market decline towards to our next target at 1.5128 (S2). Any further price weakening would then be limited to final support for today at 1.5109 (S3).
Resistance Levels: 1.5187, 1.5207, 1.5226
Support Levels: 1.5146, 1.5128, 1.5109
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USDJPY
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HIGH
98.375
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LOW
97.658
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BID
98.350
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ASK
98.353
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CHANGE
0.52%
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TIME
08:46:00
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OUTLOOK SUMMARY
Up
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TREND CONDITION
Upward
penetration
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TRADERS SENTIMENT
Bearish
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IMPLIED VOLATILITY
High
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Upwards scenario: Risk of further price appreciation is seen above the next resistance level at 98.46 (R1). Clearance here would suggest next intraday target at 98.66 (R2) and then final aim locates at 98.86 (R3).
Downwards scenario: On the other hand, clearance of our support at 98.11 (S1) is required to determine negative intraday bias and enable lower target at 97.90 (S2) and then any further market depreciation would suggest final support at 97.69 (S3).
Resistance Levels: 98.46, 98.66, 98.86
Support Levels: 98.11, 97.90, 97.69
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