{"id":33824,"date":"2022-08-22T13:42:00","date_gmt":"2022-08-22T12:42:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=33824"},"modified":"2022-08-22T16:38:49","modified_gmt":"2022-08-22T15:38:49","slug":"midday-update-light-data-ahead-of-key-pmi-data","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/midday-update-light-data-ahead-of-key-pmi-data\/","title":{"rendered":"Midday Update – Light data ahead of Key PMI data"},"content":{"rendered":"\t\t
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Commodity-backed pairs rallied on Monday as Chinese data eased recession worries. The PBoC lowered its loan Prime rate to 3.65% from 3.70% to stimulate economic growth. Oil markets soared on supply choke as the Nord Stream pipeline is set for a blackout for 3-day maintenance.<\/p>

There will be key economic data from Europe, UK, and US ahead of Fed Chair Powell\u2019s speech on Friday. RBNZ governor Orr will also be in attendance at the Jason Hole symposium on Friday.<\/p>

EURAUD<\/a> plunged by -0.71% during the European session ahead of Tuesday\u2019s PMI data. There will be a release of Australian PMI services and European PMI services early Tuesday morning. The German Manufacturing PMI data is expected to drop from 49.3 to 48.3 in August. Bears extended drop after bulls got rejected from the 1.4700 level. The pair is currently facing support at 1.4480 and a break below that level could trigger selling pressure towards the 1.44000 level, a 5-year low.<\/p>

GBPNZD<\/a> sank by -0.56% as investors stay cautious ahead of this week\u2019s Key data. UK\u2019s Manufacturing and Composite PMI data are expected to drop in August. On Thursday, investors are paying close attention to the New Zealand retail sales QoQ. The data is expected to jump from -0.5% to 1.7% in Q2 boosting the New Zealand dollar.<\/p>

The pair dropped below 1.9050 a 4-day and the critical level to watch out for is the 1.9000 and 1.8800 psychological levels. Bulls are capped by the 1.9160 and 1.9200 levels.<\/p>

USDCAD<\/a> edged lower by -0.07% as the dollar retreated from a 5-week high. The dollar paused its 3-day rally as investors eye Fed Chair Powell\u2019s speech and Jackson Hole Symposium on Friday. New Housing Price Index MoM (July) will be released for Canada in the New York Session. Bulls gave in gains from the 1.3020 level and the next critical support is at the 1.2950 level. Upside targets are at the 1.3120 level.<\/p>

European stocks were lower during the European session. DAX<\/a> dropped -1.46% breaking below near-term support at 13400 and the next target could be 13000 psychological level. Upside gains are capped by 13600 psychological level. CAC40<\/a> lost -1.06% to a 17-day low at 6370 as bulls receded from the 6600 level. A break below that low could reinforce selling pressure towards the 6250 level. FTSE100<\/a> was lower by -0.14% as bulls remain capped by the 7570 level, an 11-week high.<\/p>

US stock futures slumped as investors remain nervous ahead of Fed\u2019s Jackson Hole economic symposium. Nasdaq100 futures<\/a> extended its Friday drop towards the 12900, a 4-week low. Upside gains remain capped by the 13600 level. S&P500 futures<\/a> plunged by -1.00% and critical levels are 4100 support and 4300 resistance. DJIA index futures<\/a> dropped by -0.83% after a price rejection at the 34200 level and the next key target is at 33000 support.<\/p>

In commodities, USWTI crude oil futures<\/a> rallied by +0.85% from a 6-months low at 87.00 and upside gains are capped by the 95.00 psychological level. Brent <\/a>soared by +1.09% from 94.00 and bulls could be challenged by the 100.00 level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Commodity-backed pairs rallied on Monday as Chinese data eased recession worries. The PBoC lowered its loan Prime rate to 3.65% from 3.70% to stimulate economic growth. Oil markets soared on supply choke as the Nord Stream pipeline is set for a blackout for 3-day maintenance. There will be key economic data from Europe, UK, and […]<\/p>\n","protected":false},"author":4,"featured_media":33826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[99,112,64,605,164,601],"yoast_head":"\nMidday Update - Light data ahead of Key PMI data - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/midday-update-light-data-ahead-of-key-pmi-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Midday Update - Light data ahead of Key PMI data Midday Update - Light data ahead of Key PMI data\" \/>\n<meta property=\"og:description\" content=\"Commodity-backed pairs rallied on Monday as Chinese data eased recession worries. 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