International News

EUR/USD initially rose against the dollar from 1.1060 to peak at 1.1145 following the release of positive euro construction data. However the pair retraced shortly after to around 1.11, as the ECB signalled it would front-load bond purchases in the coming weeks and German price inflation data showed weaker than expected numbers

The dollars strength across the board was also aided after US construction data on new U.S. homes increased by 20.2% in April, the fastest rate since 2007. EUR/USD has opened this morning at 1.1101

Growing concerns over a Greek default on the IMF payment due on June 5th following a statement by a Greek Official stating “the country may not make an upcoming repayment to the IMF unless it has reached a deal with its creditors”

The release of FOMC minutes showed a rate hike in June is unlikely, officials stated that they will not lift the rate from zero, until they see an improvement in the labour market, and confidence in achieving the 2% inflation target. Market participants are looking toward September and beyond for a FED rate increase

Canadian wholesale trade rose in March, following two months of decline. Receipts in March were up 0.8%, a signal of strength in building supplies according to Statistics Canada which marked the first increase in wholesale trade since December. GBP/CAD opened this morning at 1.892

An early private-sector measure of Chinese manufacturing activity released on Thursday showed continued shrinkage this month, though at a somewhat slower rate than in April. The May release of the preliminary HSBC China Manufacturing Purchasing Managers Index was of particular interest after the April number hit a one-year low, which prompted the central bank to cut interest rates for the third time in six months [...]