Daily Update - 6th June 2017
Yesterday’s Market Spanish Markit Services PMI dropped down from the previous release with a value of 57.5. However, the Eurozone Markit Services PMI was in line with the previous results. On the other hand, Greenback continues to be on the downside with the data not providing enough support for the resumption of the dollar’s bullish movement. Nonfarm Payroll employment showed a slight improvement with 0.2% when compared to the previous release. The Unit Labor Costs came in at 2.5% and signaled a weaker greenback for the day. The ISM Non-Manufacturing PMI showed a slight dip with the forecasts at 57 when compared to the previous release of 57.5. Today’s Market Important day for Australia as RBA will release their Rate decision and rate statement. RBA Interest Rate Decision is announced by the Reserve Bank of Australia. If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. Likewise, if the RBA has a dovish view on the Australian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish. Next up will be CAD Ivey Purchasing Managers Index. The Ivey PMI released by the Richard Ivey School of Business captures business conditions in Canada. The Ivey PMI is an important indicator of business conditions and the overall economic condition in Canada. This is an important indicator of business conditions and the overall economic condition in Canada.
