Forex.ee: Daily economic news digest

Daily economic digest from Forex.ee
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Wednesday, July 1^st

^{Greece has officially missed its 1.6 billion payment to the IMF on Tuesday. This is the largest missed payment ever owed to the IMF and Greece is no longer in a bailout program for the first time since 2010. Greek banks and the Athens stock exchange remain closed through this week ahead of the July 5 referendum. Beyond that, Greece has a July 20 payment of 3.5 billion euros due to the ECB. EUR/USD was as low as 1.1107 today, but no major volatility is observed in today’s trade so far.}

^{AUD/USD continued recovery from its Monday lows despite China’s PMI missing the expectations. The pair is currently traded at 0.7705 after reaching its highest of 0.7738 today. In Australia, the AIG Manufacturing index fell 8.1 points to 44.2, which is its two-year low. Also, the number of building approvals in Australia rose 2.4%, above expectations of 1.0% growth. The RBA Commodity Price index was down 17.9% after the 20.8% plunge last month. The support will be found at 0.7684 and resistance at 0.7770.}

^{USD/JPY was going up despite all major economic data from Japan showing stronger than expected readings. The pair is trading close to 122.71.}

^{The U.S. dollar index was down 0.01% at 95.74.}

^{NZD/USD rose 0.61% from its five-year lows reaching the 0.6810 reading and subsequently consolidating at 0.6777. It is official holiday in New Zealand today, so without any news coming out from New Zealand the pair’s moves will solely depend on the strength of the U.S. dollar.}

^{USD/CAD is on the bullish trend after yesterday’s report of a slightly weaker than expected Canadian GDP. The pair is currently quoted at 1.2502.}

^{Meanwhile, GBP/USD was not much affected by yesterday’s stronger British economy growth report. The important news for the pair was much weaker PMI, which sent the cable down to 1.5651.}

^{Ahead in the day, investors are viewing ADP Nonfarm Employment Change and the ISM Manufacturing PMI in the U.S.}

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