Should We Keep an Eye on the Manufacturing and Services PMIs?
23.04.2021
- The Canadian dollar is holding steady
- Europe and the U.S.: Manufacturing/Services PMI
Yesterday, the three major U.S. stock indices all fell. The Nasdaq, which saw the sharpest decline, closed at 13,818 points, down 0.94% from the previous day. Bonds were in demand, and the yield on the 10-year U.S. Treasury note recovered to the high 1.55% range.Crude oil settled at $61, while gold, after falling by about 100 pips yesterday during U.S. trading hours, has risen again during today’s Asian trading session. Gold is currently trading around 1,785.
In the foreign exchange market, the yen is showing slight strength, and cross-yen pairs are trending lower. The AUD/JPY pair fell from 83.8 to 83.0 before rebounding during today’s Asian trading session. Among the cross-yen pairs, the CAD/JPY pair has seen the smallest decline. After falling slightly from 86.7 to 86.2, the CAD/JPY pair has rebounded; since it has not established a new low, we should assess its strength relative to other currencies.
Today, the following data releases are scheduled: UK Retail Sales at 3:00 PM, French Manufacturing/Services PMI at 4:15 PM, German Manufacturing/Services PMI at 4:30 PM, Eurozone Manufacturing/Services PMI at 5:00 PM, UK Manufacturing/Services PMI at 5:30 PM, and US Manufacturing/Services PMI at 10:45 PM.Since these are all preliminary figures, be on the lookout for sudden price fluctuations. Additionally, U.S. new home sales are scheduled for 11:00 PM. We will keep a close eye on today’s PMI data to see how market movements evolve over the weekend.
