Forex Afternoon Wrap – 02/11

Nov 02, 2:01 pm
engineer_Orbex_Forex

UK Manufacturing PMI posts a yearly high at 55.5

  • Australia AIG Manufacturing index 50.2 vs. 52.1
  • Australia MI Inflation gauge m/m 0.0% vs. 0.3% previously
  • Australia building approvals m/m 2.2% vs. 1.8%
  • Japan final manufacturing PMI 52.4 vs. 52.1
  • China Caixin manufacturing PMI 48.3 vs. 47.7
  • Australia commodity prices y/y -19.8% vs. -21.0%
  • Switzerland retail sales y/y 0.2% vs. 0.2%
  • Spain manufacturing PMI 51.3 vs. 51.9
  • Switzerland manufacturing PMI 50.7 vs. 50.2
  • Italy manufacturing PMI 54.1 vs. 52.9
  • France final manufacturing PMI 50.6 vs. 50.7
  • Germany final manufacturing PMI 52.1 vs. 51.6
  • Eurozone final manufacturing PMI 52.3 vs. 52.0
  • UK Manufacturing PMI 55.5 vs. 51.3

Later

  • Canada manufacturing PMI
  • US Final manufacturing PMI
  • US ISM manufacturing PMI
  • US Construction spending
  • US ISM manufacturing prices
  • FOMC Member Williams speech

The markets opened the first trading day of the month on a mixed note. The Asian trading session saw the Aussie and the Kiwi open on a higher note but the currencies soon gave way. AUDUSD is flat for the most part of the day and is currently up 0.07% for the day while the NZDUSD is down -0.26% for the day trading at 0.675. The Aussie and the Kiwi were down as China’s manufacturing PMI came out mixed but soft to the downside. Australia’s manufacturing index was also soft at 50.2 while the MI inflation gauge remained flat at 0.0% for the month. The only bright spot in the data was the building approvals which increased 2.2% rising above estimates of 1.8%.

The Japanese Yen is mixed today with USDJPY currently down -0.11%. Japan’s final manufacturing PMI was soft with 52.4, softly above estimates of 52.1.

The European trading session saw the release of various manufacturing PMI survey results across the various economies. The Eurozone final manufacturing PMI managed to beat estimates, rising to 52.3 above estimates of 52.0. The EURUSD is up 0.45% at the time of writing as the Single currency continues to post a steady recovery from last week. EURUSD is trading at 1.1047 at the time of writing.

The UK’s manufacturing PMI posted a surprise, rising to 55.5 posting the highest reading this year. The British Pound gained 0.32% for the day trading at 1.546 after briefly testing the highs of 1.549.

The US trading session will see economic releases from the US and Canada including the ISM manufacturing data from the US as the US Dollar remains mixed ahead of the release and the all important monthly NFP report due this Friday. The US equity market futures are pointing to a higher open ahead of the economic releases.

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John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.

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