Euro Still Dominating the Markets

Daily Update - 2nd August 2017

Yesterday’s Market

• EUR Gross Domestic Product, Markit Manufacturing PMI & Unemployment Rate
• USD ISM Manufacturing PMI, Markit Manufacturing PMI, Core Personal Consumption Expenditure - Price Index & Personal Income 

Yesterday Explained

From Europe, The Gross Domestic Product from the Eurozone came out as expected, and Marketing Manufacturing PMI which captures business conditions in the manufacturing sector, came 0.2% less than expected which gave a slight negative to the EURO currency.

As the US session opened,ISM Manufacturing PMI , which measures the business conditions in the US manufacturing sector had negtive figures , which gave a dovish impact on the USD. The negative impact for the USD was short lived by the positive data came out from core personal consumption expenditure.  Meanwhile Expenditures in June rose 0.1% on the month and 1.5% year-on-year, which boosted the USD and The EUR/USD dropped to 1.1785

Today’s Market

• EUR Non-monetary policy's ECB Meeting & Producer Price Index 
• GBP PMI Construction
• USD ADP Employment Change

Today’s Focus

A quite day in terms of data. The ECB will have it's non-monetary policy meeting in the afternoon. this will be followed by Producer Price index from Euro zone.  By Mid afternoon UK will release PMI Construction which shows business conditions in the UK construction sector. The day will end with ADP Employment Change from US which is a measure of the change in the number of employed people in the US.