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Daily Report: Risk Appetite Recedes Mildly after China Data, Euro FirmRisk appetites cool a bit today after disappointing China PMI data. Both the official manufacturing PMI and the one complied by HSBC indicated the country's manufacturing sector has slowed down in June. The China Federation of Logistics and Purchasing reported the index fell to 50.9, the lowest level since February 2009, in June from 52 in May. Meanwhile, the HSBC PMI data dropped to a 11-month low of 50.1 in June. Aussie pared some of recent gains against the greenback after the data on the country's strong tie to China. But loss is so far limited as dollar remains broadly weak. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 116.23; (P) 116.72; (R1) 117.31; More EUR/JPY's rebound extends further to as high as 117.29 so far and intraday bias remains on the upside for 117.88 resistance. As noted before break of 117.88 will complete a double bottom reversal pattern and should turn outlook bullish for a retest on 123.31 resistance next. On the downside, though, below 115.12 will flip bias back to the downside and break of 113.41/49 support will will resume the decline from 123.31 instead. |
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