Português
Español
русский
Midday Brief
Market sentiment is generally very positive today after some very encouraging PMI data from the eurozone economy this morning. The preliminary June eurozone manufacturing PMI came in at a stronger-than-expected 63.1, which has helped to boost the euro currency and European stocks.
The preliminary June German manufacturing PMI also came in at a stronger-than-expected 64.9 today, which highlighted the ongoing strength in the German manufacturing sector. The German economy is considered the lifeblood of the eurozone so this another solid number for the European Central Bank to ponder.
IHS market remarked that ‘Overall inflows of new business showed the steepest rise since January 2011. Although, manufacturing continued to lead the way on the order book front, helped by a sustained strong upturn in goods export sales, the improvement in growth in June was mainly driven by the service sector, which recorded its sharpest increase in new work for over a decade amid a return to growth of new export business’.
See real-time quotes provided by our partner.
The United Kingdom economy also released PMI manufacturing and services today numbers today, ahead of tomorrow’s Bank of England meeting. The BoE will be relieved that the June PMI reading came in strong, at 64.2, while the UK services PMI remained extremely robust with a reading of 61.7.
In the forex markets, the pound and the euro continue to ramp higher as the US dollar gives back a sizable portion of last week’s gains. The anomaly on the fx market this week is the Japanese yen. The USDJPY is advancing quite sharply while the US dollar index falls. This could be because risk-on sentiment is picking up.
See real-time quotes provided by our partner.
Bitcoin is attempting to build on yesterday’s recovery above the $34,000 level. The Chinese mining news is likely to remain a drag on the top crypto for now though. Recent data shows that 200,000 positions were liquidated during yesterday’s price crash under $30,000.
Traders should be aware that the United States economy will release PMI manufacturing data later this afternoon, and European Central Bank President Christine Lagarde is set to deliver a scheduled speech later this evening.
