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Cable is now down to fresh lows on the day at 1.2675 after having fallen initially from around 1.2750 to 1.2725 after the poor euro area PMI readings, and then now from there after the less worse but still bad UK PMI readings here.GBP/USD daily chartIf anything else,...
Prior 51.5Manufacturing PMI 42.5 vs 45.0 expectedPrior 45.3Composite PMI 47.9 vs 50.3 expectedPrior 50.8From one troubled economy to another, these are some poor PMI readings for the UK in August. The services sector is seen slumping into contraction territory and...
Prior 50.9Manufacturing PMI 43.7 vs 42.6 expectedPrior 42.7Composite PMI 47.0 vs 48.5 expectedPrior 48.6The services and composite readings are at 30-month and 33-month lows respectively. That is the key thing to note as the euro area economy is slumping further in...
UK:The BoE hiked by 25 bps as expected. The central bank seems to be leaning more on the less hawkish side as a key line in the statement was tweaked to indicate the propensity for a “higher for longer” stance rather than keeping with additional rate hikes. Recent...
Just looking at the headlines, it is a bad one especially for the German economy. Europe's backbone is seeing its steepest decline in business activity since May 2020 and that does not bode well for the region, especially with services activity now also slumping hard...
In particular, the ugly one is Germany's set of PMI data as it reinforces the risks of a recession in Europe's biggest economy. 10-year German bund yields have now fallen by over 10 bps on the day to 2.55% and that is leading to a broader drag on yields across the...
The prospects of a rate hike for next month are being cut now, falling to ~52% from around ~65% before we got to the PMI readings today. The euro is sliding lower especially after the German PMI data here, which shows the steepest decline in business activity since...
Prior 38.8Services PMI 47.3 vs 51.5 expectedPrior 52.3Composite PMI 44.7 vs 48.3 expectedPrior 48.5Ouch. That services reading is really awful as German business activity suffers its steepest decline since May 2020. Now both the manufacturing and services sectors are...
On a day when Monday’s optimism had already faded in US markets, weighed down by both a new downgrade of the banking sector’s credit rating – this time by S&P – and the pullback of NVDA, one of the most interesting movements was the USD....
The summer rally in Crude Oil seems to be coming to an end as the sentiment turns sour due to the weakening global economy and the expectations of a big stimulus from China waning. In fact, despite the very weak economic data and an ailing economy, the PBoC delivered...
Prior 47.1Manufacturing PMI 46.4 vs 45.0 expectedPrior 45.1Composite PMI 46.6 vs 47.5 expectedPrior 46.6The fall in services sector is the thing to note here, with the headline reading being a 30-month low. In the context of the French economy, that matters more than...
There are a couple to take note of, as highlighted in bold.The first ones being for EUR/USD, which I would say the expiries at 1.0800 would be more of a significant factor if we do see price action roam towards that level in the session ahead. Such a play would be...
US:The Fed hiked by 25 bps as expected and kept everything unchanged.Fed Chair Powell reaffirmed their data dependency and kept all the options on the table.The US economic data keeps on surprising to the upside, but inflation expectations and CPI readings continue to...
The pair is stuck in a measly 15 pips range so far today, though sitting at the higher end of that at 1.0859 currently. It comes as the dollar is marginally weaker but nothing significant as we look towards European trading. Instead, the euro is the one which will be...
The editorial says that the phrase insisted by China's leaders in 2016, being "houses are for living in, not for speculation" should continue to carry more weight especially now. The phrase was removed from the Politburo statement last month and could be interpreted...
It is a slower start to the day after the more mixed showing in markets yesterday. The dollar also traded somewhat more mixed with the euro losing ground while the yen advanced as Treasury yields are holding more tentative after having seen 10-year yields move to its...
A note from JP MOrgan with the transmission channel from stick inflation to higher for longer rates and thus a lid on the equity market. “we stick to our long-held view that inflation will keep moderating, we worry that there is no cushion here anymore, most are fully...
JPMorgan says earnings estimates appear too optimistic, citing the most recent earnings season with soft profit growth and less upbeat corporate guidance:firms are seeing demand and prices soften, accompanied by ongoing margin pressure"The consensus 2024 EPS growth...
Higher AUD/USD on the session - rising iron ore price in China a tailwindThere are rumours that some Chinese banks are freezing some savings accounts - PBOC deniesBank of America S&P500 technical analysis, 4325 and 4200 as the next two major levelsFund manager...
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