Foreign exchange market. Asian session: the euro slid ahead of PMI data

Economic calendar (GMT0):

Time/ Region/ Event/ Period/ Previous/ Forecast/ Actual

01:35 Japan Manufacturing PMI (Preliminary) July 50.1 51.4

01:45 China Markit/Caixin Manufacturing PMI (Preliminary) July 49.4 49.7 48.2

The euro slightly declined ahead of manufacturing and services PMI data for the euro zone and its member-states.

The Australian dollar fell after Markit Economics published weak preliminary Manufacturing PMI data for China. The index contracted to 48.2 in July compared to June final reading of 49.7. Analysts expected the index to come in at 49.7. Any reading below 50 points to contraction. China is Australia's major trading partner.

Standard&Poor's agency put additional pressure on the AUD saying that it will cut the country's rating if it does not fix its budget issues. That's why economists expect the Reserve Bank of Australia to lower its benchmark rate further.

The greenback advanced after favorable employment data intensified expectations of a rate hike in the U.S.

EUR/USD: the pair fell to $1.0965 in Asian trade

USD/JPY: the pair traded around Y123.85-05

GBP/USD: the pair fell to $1.5500

The most important news that are expected (GMT0):

(time / country / index / period / previous value / forecast)

07:00 France Services PMI (Preliminary) July 54.1 53.8

07:00 France Manufacturing PMI (Preliminary) July 50.7 50.7

07:30 Germany Services PMI (Preliminary) July 53.8 53.9

07:30 Germany Manufacturing PMI (Preliminary) July 51.9 51.9

08:00 Eurozone Manufacturing PMI (Preliminary) July 52.5 52.5

08:00 Eurozone Services PMI (Preliminary) July 54.4 54.2

08:30 United Kingdom BBA Mortgage Approvals June 42.5

13:00 Belgium Business Climate July -3.9 -4.0

13:45 U.S. Manufacturing PMI (Finally) July 54.0 53.6

14:00 U.S. New Home Sales June 546 546