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The weakness in the global manufacturing sector and especially in the Chinese economy have been weighing a lot on Copper prices. We had a good rally following the news of China pledging more stimulus to support the economy, but eventually most of the upside got undone...
Prior 52.0Composite PMI 48.6 vs 48.9 prelimPrior 49.9The headline reading is a six-month low as the euro area economy cools further to start Q3. A weakening in demand conditions is the main culprit but at least price pressures are also seen easing further, though they...
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Prior 54.1Composite PMI 48.5 vs 48.3 prelimPrior 50.6It's a mild revision higher to the initial estimate but it isn't of much comfort as the manufacturing sector in Germany slumped by even more. That is leading to a contraction in the economy in July as demand...
Prior 48.0Composite PMI 46.6 vs 46.6 prelimPrior 47.2This just confirms a further slump in the French services sector in July and a contraction in the economy as well. A lack of new business isn't an encouraging sign as that means the outlook is likely to remain more...
Prior 52.2Composite PMI 48.9Prior 49.7Italian services sector growth eases further in July as new business is headed for stagnation. Of note, there was a first drop in employment conditions since April 2021 as economic uncertainty is starting to creep back into the...
This is a bit of a blow to consumer price pressures in Italy. The government had been trying to negotiate an agreement between producers and retailers to cap prices of food and other essential items for Q4 2023. It was meant to be a "decisive blow" to inflation but...
Well, the calmer mood sure didn't last long. After a surge higher in bond yields yesterday, we are seeing a continuation of that with 10-year Treasury yields climbing to their highest levels so far this year. Yields are up another 8 bps today to 4.16% currently,...
Prior 53.4The drop in the headline reading sees it fall to the weakest since January, as the rate of expansion of Spain's services sector eases further. A cooling of demand conditions is something to note but at least there are also signs of price pressures coming off...
EUR/USD daily chartIn turn, this is pushing EUR/USD slightly lower on the day as the tight range earlier expands a little. The pair is now down to a low of 1.0916 and is testing key technical support from its 100-day moving average (red line) at 1.0915. Keep in mind...
Eurostoxx -0.7%Germany DAX -0.9%France CAC 40 -0.6%UK FTSE -0.8%Spain IBEX -0.3%US futures are also tilting slightly lower now with S&P 500 futures down 11 points, or 0.25%, on the day. This comes as higher yields are starting to weigh on the mood in equities...
48 sessions: this is how long it has been since the last time the US500 was down more than 1%, on 23 May. Fitch’s downgrade was a good excuse to sell a probably expensive market and the US100 fell 2.21%. Rates were sold, especially on the long end (the 10y)...
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The OPEC+ production cuts and the expectations of more economic stimulus in China, gave Crude Oil enough strength to break above the key resistance zone around the $75 level. After a brief rally, the price stalled and reversed as the PBoC held off from delivering more...
Prior €14.4 billionThe German trade surplus grew in June, owing to a 0.1% increase in exports while imports slumped by 3.4% on the month. After the fallout last year from the Russia-Ukraine conflict, trade conditions have stabilised this year as import prices have...
USD/JPY daily chart10-year Treasury yields are continuing the rebound from yesterday and so is USD/JPY at the moment. The former is now up by 4.8 bps at the highs for the day, at 4.126%. And that is giving a lift to the latter with the currency pair now up 0.4% to...
And so the dollar marches on, brushing aside the news that Fitch has downgraded the US credit rating yesterday. A more dour risk mood certainly helped, alongside higher yields after the hot ADP employment data.This is seeing USD/JPY keep up the march towards 145.00...
There are just a couple to take note of for today, as highlighted in bold.That being for EUR/USD around the 1.0900 to 1.0920 region and they are relatively large ones. They sit close to the 100-day moving average at 1.0915, which is a key technical level for the pair....
Markets are in a calmer mood so far ahead of European trading but we should see the narrow ranges among major currencies stretch out later on. How that will be will also depend on the risk mood and if equities can stem the bleeding since the turn of the month. But in...
Are we ready to move past that US credit rating downgrade already? The US dollar definitely already has, focusing on the hot ADP employment data here yesterday instead. For what it's worth, the accuracy of the data in predicting the jobs numbers tomorrow is as good as...