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Week Ahead: OPEC+, more inflation and manufacturing data
As a result of inflation and manufacturing data, fears started creeping into the markets of the dreaded “R” word – Recession.
Poor PMIs underpin recession worries
This is the latest macro data to underscore worries about a sharp economic slowdown
European Open: Volatile trade for yen pairs, PMI’s up next
The Japanese yen was broadly higher overnight on comments from a former FX and a report showing foreign investors fled the bond market last week.
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Lagarde comments, poor UK PMIs give EUR/GBP a lift
Hawkish comments from ECB President Christine Lagarde and weaker PMI data from the UK have helped push EUR/GBP back towards recent highs.
European Open: EUR/USD pulls back ahead of PMI’s, futures lower
PMI data makes up the baulk of economic data for Europe and the US, which kicks off with German data at 08:15 BST.
Asian Open: China’s PMI Contracts for a Second Month
We have a busy calendar to kick the week off today, and eyes will be focussed on Caixin’s PMI data at 12:45 AEST given the official data slumped to a new pandemic low on Sunday.
European Open: Evergrande Coughs Up, Flash PMI’s in Focus
Another day, another bullet dodged by the troubled Property Developer Evergrande. With a slight risk-on tone, focus now shifts to Flash PMI data for Europe and the US.
European Open: China Services PMI Follows Manufacturing Lower
China’s strict lockdown measures have also seen the service sector contract, which points to slower growth for the world’s second largest economy.
European Open: China PMI Contracts, ADP Employment and ISM in Focus
The final PMI read for China’s manufacturing sector was revised lower, which placed it into contraction for the first time since April 2020.
Slowing growth hitting Iron Ore prices; trading near key levels
If the Australian GDP print is weaker, Iron Ore and AUD/USD prices may move lower
Asian Open: Economic Data is About to Get ‘Flash’
Flash PMI data for Asia, Europe and US kicks the week off. And that could lead to welcomed volatility on a Monday, should data miss expectations widely enough.
Asian Open: Strong ISM Services, Although ADP Raises a Red Flag
ADP employment data completely missed expectations ahead of Friday’s NFP report, although the blow was softened by a robust services PMI.
Asian Open: ISM Eases, Fed Hints at Early Taper, RBA Up Next
ISM manufacturing data tracked China’s PMI lower in July, although it remains at a relatively higher level both historically and compared to China’s manufacturing PMI.
PMIs spark Crude selloff; hypes USD/CAD
As a result of the slowdown in manufacturing in the worlds 2 largest economies, crude oil took at hit
European Open: China’s Manufacturing PMI Falls to 17-Month Low
Manufacturing PMI data for China fell below expectations in July according to the Caixin report, and now sits at just 50.4 compared with 51.1 forecast.
European Open: GBP/CHF Rises to 9-week High Ahead of UK Flash PMI
With PMI data released for France, Germany, eurozone, UK and US, this places GBP, EUR and USD pairs into focus for news traders.
What do current PMIs say about the global economy?
With strong PMI data, the recovery process seems to be well underway
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European Open: Mixed lead from Asia, Soft Open for Europe, PMI’s Next
Whilst Asian equities mostly shrugged off Wall Street’s tax-driven turmoil, it seems more of a ‘holding session’ as tight ranges suggest traders are waiting to see if there is any follow-through.
China: So many problems but PMIs ain’t one
Despite all the geopolitical problems, the economy is still humming along.
European Open: USD/JPY hits fresh highs, China PMI’s rise
Now on its sixth consecutive bullish session, USD/JPY rallied to a fresh high overnight and stopped just shy of 111.00.
Asian Open: PMI supportive of sentiment overnight (bar China)
PMI data was mostly supportive of sentiment overnight, with data from parts of Asia, Europe and North America beating expectations.
China Manufacturing PMI above 50, but for how much longer?
If the trend continues, the readings will soon be below 50, indicating China’s manufacturing sector will be contracting!