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ForexLive Asia FX news wrap: Another better China PMI – ForexLive


Forex news for Asia trading Wednesday 1 July 2020 

China’s Caixin PMI for May came in at 51,2, well above the
consensus market expectation of 50.5 and April’s reading of 50.7.
Other Asian Markit PMIs were similarly more promising. These
indications of rebound in the region’s manufacturing sentiment are
encouraging but there is a ways to go. The situation unfolding in the
UIS with reimposition of shut downs is going to weigh on global
demand and thus Asian producers.

Japan’s
PMI showed improvement also, but the quarterly Tankan report from the
Bank of Japan was a disappointment, marking another consecutive
decline in many of the measures.

USD/JPY
has been a mover on the session, with no obvious catalyst from news
nor data – if anything the continuing run of less than stellar data
should argue for a weaker yen as aggressive BOJ easing will go on and on. But, after a move to highs just over
108.15, USD/JPY dropped nearly half a big figure as sellers emerged
and the buying interest evident during the US session dried up
somewhat.

Currencies
elsewhere managed to add small gains against the USD, but ranges were
small. Again, while there was plenty of data and news none if it
provides an obvious catalyst for the moves. Perhaps it was the improved PMIs but that is pretty thin.

Oil
prices posted gains, the initial pop higher was triggered by the
private survey of oil inventory showing a substantially larger draw
in headline stocks than the consensus expected. Oil prices held their
gains nut are off session highs a little. Gold tracked more or less
sideways.

China Caixin manufacturing PMI:

  

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