Prior 52.8 Final Composite PMI 51.5 vs 51.0 prelim Prior 52.0 Key findings: Modest increase in service sector business activity Renewed fall in total new work Sharpest decline in employment since February Comment: Tim Moore, Economics Director at S&P Global Market Intelligence, said: “UK service providers recorded a third consecutive monthly rise in business activity, … Read more
Prior 52.1 Composite PMI 51.5 vs 51.1 prior Key findings: Activity rises at modest pace Overall new business remained propped up by domestic demand Future outlook brightens, but jobs growth slows Comment: Commenting on the PMI data, Nils Müller, Junior Economist at Hamburg Commercial Bank, said: “Italy’s services sector extended its growth streak into July, … Read more
In the European session, we don’t have much on the agenda other than a few low tier releases like the final PMIs and the Eurozone PPI data. None of these reports will change anything for the ECB or BoE and therefore won’t influence the market pricing. In the American session, the focus will be on … Read more
Fed chair Powell made sure to play his cards right last week. And even though he offered no hints of a rate cut then, it was always about maintaining the flexibility. So now that we got the more dismal US jobs report, markets are already casting their vote on what the Fed is going to … Read more
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, experience level, and risk tolerance. You could lose some or all your initial investment; do not … Read more
People’s Bank of China USD/CNY reference rate is due around 0115 GMT. The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate … Read more
BofA Securities is holding firm on its forecast that the Federal Reserve will not cut interest rates in 2025, despite rising market expectations for a reduction as early as September. This comes after weaker-than-expected July jobs data, including significant downward revisions to previous months, which suggest the U.S. economy may not be as strong as … Read more
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, experience level, and risk tolerance. You could lose some or all your initial investment; do not … Read more
Federal Reserve Bank of San Francisco President Mary Daly comments reported via Reuters: Comfortable with Fed’s July decision, less comfortable in making that same decision again and again Two rate cuts this year still seem to be appropriate amount of recalibration May do fewer than two rate cuts; more likely thing is we need to … Read more
Crude oil futures are settling at $66.29 that’s down $-1.04 or -1.54%. The high price today reached $67.74 raise was at $65.06 200 hour moving to comes in at $67.25 so the price traded above that level OPEC+ announced an increase in crude production on Sunday, raising concerns about a potential global supply glut. However, … Read more
