As a whole, the decline in output, new orders, and inventories eased in November but the downturn in the manufacturing sector remains strong in the euro area. The thing to note about the report this month is that employment conditions are starting to be hit much...
Market Recap: A November to remember!
A November to remember. The markets were all over the place to end the month. While the FOMC is still the focal point, repositioning after some big moves on the month and positioning into year-end were the main drivers. The FOMC has reached peak rates, according to...
Germany November final manufacturing PMI 42.6 vs 42.3 prelim
The reading may be an improvement to initial estimates but it still shows that output and new orders are at their weakest in six months. Meanwhile, job cuts are also seen accelerating on the month as the recession in the manufacturing sector is starting to bite at...
France November final manufacturing PMI 42.9 vs 42.6 prelim
Demand weakness continues to be a dampener to France's manufacturing sector, with employment conditions also starting to worsen at a much more rapid pace. HCOB notes that:"France's manufacturing sector continues to suffer with weak demand. High financing costs are...
Italy November manufacturing PMI 44.4 vs 45.3 expected
Prior 44.9Further demand weakness is adding to the woes in Italy's manufacturing sector, with employment conditions also seen worsening. On the latter, firms are seen cutting jobs at the fastest rate in 40 months. HCOB notes that:“Italy's manufacturing industry is at...
Switzerland November manufacturing PMI 42.1 vs 42.0 expected
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives,...
Spain November manufacturing PMI 46.3 vs 45.5 expected
Prior 45.1Despite some improvement, Spain's manufacturing sector remains in contraction as a decline in both output and sales is still proving to be a drag. Job losses are also becoming more evident now, so that is a point of concern for the months ahead. HCOB notes...
European equities open higher, look to wrap up the week on a positive note
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Switzerland Q3 GDP +0.3% vs +0.1% q/q expected
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FX option expiries for 1 December 10am New York cut
There are a couple to take note of, as highlighted in bold.The first being for EUR/USD at the 1.0900 mark, which could act as a bit of a magnet in keeping price action more contained in the session ahead. That is if bond yields are also trading more sideways before...
UK November Nationwide house prices +0.2% vs -0.4% m/m expected
Prior +0.9%House prices -2.0% vs -2.3% y/y expectedPrior -3.3%Even with the improvement in the house price index on the month, the average price of dwellings in the UK declined from £259,423 in October to £258,557 in November. Annual house price growth remains weak...
RBA to keep cash rate unchanged next week – Reuters poll
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Major currencies hold little changed ahead of European trading
The greenback put on a decent showing yesterday, helped by a fall in the euro as well as a technical defence in USD/JPY I would say. But even so, the pressure remains as Treasury yields are struggling as highlighted here. But as mentioned in the post as well, traders...
European markets await manufacturing PMI Data as dollar remains suspect
Major currencies are sitting little changed with the dollar just slightly on the softer side as we look towards European trading. But given the breakdown in Treasury yields this week, things could've been worse for the greenback. That being said, month-end flows might...
The bond market still holds the cards as we step into the final month of the year
As the focus stays on the outlook for major central banks and how soon that they might turn towards rate cuts, it's all about pricing for that and bond yields at the moment. That is the number one driving factor for trading sentiment and it will be no different as we...
ForexLive Asia-Pacific FX news wrap: AUD and NZD round-trips during the session
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Goldman Sachs is forecasting the first ECB rate cut in Q2 of 2024 (vs. Q3 prior forecast)
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OPEC+ oil output, “lack of clarity around the new agreement” sparks oil market uncertainty
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Federal Reserve Officials speak Friday ahead of the blackout period pre-FOMC Meeting
Goolsbee speaking on the economy:0800 GMT / 0300 US Eastern time: Federal Reserve Vice Chair for Supervision Michael Barr speaks on "Bank Supervision and Regulation" before the Fifth ECB Forum on Banking Supervision1500 GMT / 1000 US Eastern time: Federal Reserve Bank...
Israel and Hamas have agreed to extend their truce for another day
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