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ADP national employment for December 164K versus 115K expected
ADP employment remounts to 164KPrior month 101K versus 103K previously reportedThe median change in annual payJob stayers 5.4% versus 5.8% last monthJob changers 8.0% versus 8.3% last monthThe data is stronger going into the more important BLS employment date on...
Germany December preliminary CPI +3.7% vs +3.7% y/y expected
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ForexLive European FX news wrap: Dollar mixed, yen struggle continues
Headlines:Markets:EUR leads, JPY lags on the dayEuropean equities little changed; S&P 500 futures up 0.1%US 10-year yields up 4.6 bps to 3.953%Gold up 0.2% to $2,045.31WTI crude up 1.1% to $73.52Bitcoin up 0.9% to $43,343It wasn't the most lively of sessions but...
UK PM Sunak says that there will be no election this spring
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US December Challenger layoffs 34.82k vs 45.51k prior
Prior 45.51kUS-based employers announced 34,817 job cuts in December and that brings the total number of layoffs in 2023 to 721,677 jobs. For some context, that is a 199% increase from the 363,284 layoffs announced in 2022. So, if you want any further evidence that...
Ishikawa earthquake to shelve BOJ plans for an early policy pivot?
The trading year for Japan officially began today after an extended new year's holiday, and we are seeing the yen drop further. It seems like domestic banks are fueling the fire in saying that the supposed impossible task by the BOJ to perform an early policy pivot,...
Dollar mostly lower so far but the yen is struggling even more
There seems to be a bit of pushing and pulling in markets at the moment, and I would say that something's gotta give in due time. The dollar is mostly lower across the board, with it only gaining against the Japanese yen today. That comes as Treasury yields are...
Euro and sterling hold slight gains after PMI deluge
While the UK economy arguably ended the year on a high, the Eurozone economy is still suffering a downturn even with the positive revisions to the French and German data earlier. But amid a steadier market mood today, the euro and pound are able to push a little...
UK November mortgage approvals 50.07k vs 48.50k expected
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UK December final services PMI 53.4 vs 52.7 prelim
Prior 50.9Composite PMI 52.1 vs 51.7 prelimPrior 50.7The good news here is that UK business activity seems to be holding up well in December, with both output and new work rising for a second month running. That being said, employment is a bit of a weak spot while...
Market Recap:Sentiment stable for now
Economic Indicators & Central Banks: The Fed’s minutes to the December 12-13 meeting showed some pushback against imminent easing, while still acknowledging the rate cuts penciled in with the dots. The report showed “all” participants said clear...
Microsoft to add AI button to PC keyboards in first major change in 30 years
Microsoft is to introduce a new keyboard key for the first time since it launched the Windows key all the way back in 1994. The debut of the Copilot key will be in February this year, as it will be available on laptops and desktop keyboards Microsoft’s OEM partners...
Bavaria December CPI +3.4% vs +2.8% y/y prior
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Eurozone December final services PMI 48.8 vs 48.1 prelim
Prior 48.7Composite PMI 47.6 vs 47.0 prelimPrior 47.6Despite the positive revision, this still reaffirms a downturn in the euro area economy to wrap up the 2023 year. Both manufacturing and services output saw declines in December, with overall activity levels being...
Germany December final services PMI 49.3 vs 48.4 prelim
Prior 49.6Composite PMI 47.4 vs 46.7 prelimPrior 47.8The revision is a positive one to the initial estimate but it still points to a marginal decline in services activity in Germany on the month. According to the survey, the drag stems mostly from tighter financial...
France December final services PMI 45.7 vs 44.3 prelim
Prior 45.4Composite PMI 44.8 vs 43.7 prelimPrior 44.6That's a notable positive revision as it sees French services activity outperform that of November as well now. However, it remains in contraction territory with output declining for a seventh straight month. Demand...
Morgan Stanley shifts to neutral stance on the dollar
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Italy December services PMI 49.8 vs 49.8 expected
Prior 49.5Composite PMI 48.6Prior 48.1Italian services activity marginally contracted again in December with output falling for a fifth straight month while the decline in new orders gathered pace. Demand conditions remain subdued and proved to be a drag for Italy's...
Spain December services PMI 51.5 vs 51.2 expected
Prior 51.0New work returns to growth territory as services activity in Spain continues to stay resilient. That being said, selling price inflation has moved up to a seven-month high and could be a cause for concern for the ECB if the trend persists. HCOB notes...