US Dollar recovers, US ISM Manufacturing PMI coming up
clings to small daily gains above 103.00. The European economic docket will feature revisions to HCOB Manufacturing PMIs. Markets will also keep a close eye on comments from central bank officials. It's worth noting that stock and bond markets in the US will close early on Monday and remain closed on Tuesday in observance of the Independence Day holiday.
Annual inflation in the US, as measured by the change in Personal Consumption Expenditures Price Index, fell to 3.8% in May from 4.3% in April, the US Bureau of Economic Analysis reported on Friday. In the same period, the Core PCE Price Index edged slightly lower to 4.6% from 4.7%. The initial reaction to soft inflation readings caused the USD to lose some strength ahead of the weekend.
During the Asian trading hours on Monday, June Caixin Manufacturing PMI in China came in at 50.5, down from 50.9 in May but better than analysts' forecast of 50.2. The Shanghai Composite Index remains on track to post a daily gain of more than 1% and Hong Kong's Hang Seng Index is up 2% on the day. Nevertheless, US stock index futures trade flat in the European morning.closed the week virtually unchanged. The pair stays under modest bearish pressure early Monday and trades below 1.0900.
Australian Trade Minister Don Farrell said early Monday that they will be announcing new measures to improve trade relations with China soon.edged higher in the Asian session but reversed its direction in the European morning. AUD/USD was last seen losing more than 0.3% on the day below 0.6650. On Tuesday, the Reserve Bank of Australia announce its interest rate decision.snapped a four-day losing streak on Friday and erased a large portion of its weekly losses.
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