- Investors are using the first day of the third quarter to scoop up equities on both sides of the Atlantic. European bourses were boosted by generally improving PMI data while US markets were unphased by June API Jobs and ISM Manufacturing data that failed to meet elevated expectations. Overall risk sentiment is strong leading to gains in equities and commodities while the greenback and government bond markets lose some ground. The US benchmark yield has inched back up towards 3.6% ahead of another Fed coupon purchase. Gold has tested $940 and Crude remains above $70 despite bearish weekly DOE inventory data that has brought sellers into the market.
- General Mills and Constellation Brands are both rallying after releasing quarterly results that excited investors. OSK has surged more than 20% after being a awarded an Army contract, while FRPT is swooning 35% on the news. Myriad Genetics is down 25% after providing disappointing preliminary revenue results.
- Risk appetite continued to fare well into the NY morning as market participants focused on the upward revision in the ADP employment change data rather than the headline number itself. The "green shoot' scenario had notched additional momentum throughout the European trading day as PMI readings around the globe continued to show improvements from the recession lows a few months ago. The US ISM manufacturing index was mixed in its reading with the headline number relatively in-line with expectations but new orders falling back below the pivotal 50 level. The USD and JPY remain vulnerable as a result.
- The EUR/USD maintained near its best level for the session at 1.4150. Dealer chatter noted that BIS might have been on the bid buying euros during the NY morning while Eastern European names sold into the strength around the 1.4170 level. Russia again reiterated that it would purchase the pending IMF bond sale indirectly highlighting the reserve currency debate that has been plaguing the dollar sentiment in recent weeks. The softer dollar tone helped to push energy and metals commodities to their best levels in the session and this provided support for CAD and AUD currencies. USD/CAD at 1.1450 some 200 pips off its late Asian levels of 1.1650. AUD/USD was holding above the 0.81 handle.
The Jun ADP registered a -473K reading which was worse than the -395K expected. However, but the May data was revised upward revision to -485K from -532K.
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