Currency markets have had a soft start to trade this morning but we have seen some small gaps from Fridays close across a number of pairs.
The Australian dollar opened about 30 pips lower versus the Greenback at 93.62 US cents, although it has found support this hour and is up to 93.87 US cents.
Angela Merkel’s dominate win in the German elections has not given the Euro much of a lift off in trade this morning. It did open up at 1.3547 USD but has quickly eased back to near where it closed trade on Friday, down 20 pips from the high in the open.
Our local session today will be focused around one piece of data HSBC Flash Manufacturing PMI, which is expected to expand at a rate of 50.9.
The volatility on the print is likely to be pronounced with a Bank holiday in Japan and a possible closer to trade in Hong Kong with the weekends Typhoon till causing havoc.
Joel Murphy
www.pepperstone.com Joel Murphy is a currency analyst and market commentator for Forex Broker Pepperstone and he regularly features on Sky Business News Australia. He has worked in both retail and institutional Forex for last 8 years and completed a Bachelor of Commerce and a Bachelor of Arts from Monash University
This afternoon the sees further manufacturing PMI’s released from France, Germany and the Euro region which have been on the upswing for the last few months. ECB President Draghi Speaks soon after those and then we have manufacturing PMI from the States to round out the day.
