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Should We Pay Attention to the Manufacturing/Services PMI (Preliminary Figures)?

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Should We Pay Attention to the Manufacturing/Services PMI (Preliminary Figures)?

23.07.2021

Today's Highlights
  1. Europe and the U.S.: Manufacturing/Services PMI (Preliminary Figures)
  2. UK Retail Sales

Yesterday, U.S. stock prices continued to rise, albeit modestly, resulting in a market environment characterized by higher stock prices, flat interest rates, and higher crude oil prices. WTI crude oil, in particular, saw a significant rebound, rising to $71.6 and breaking through the opening price level from the start of the week.As stock prices rose, the fear index (VIX) fell to 17.6. The yield on the 10-year U.S. Treasury note is now in the 1.28% range.

In the foreign exchange market, the rebound in cross-yen pairs has lost momentum, and GBP/JPY is trading around 151.7. GBP/JPY, which had rebounded from 148.5, has shifted to a consolidation phase near the 200 SMA on the hourly chart, indicating that the upward momentum is weakening.GBP/USD is similarly consolidating above the 200-period SMA on the hourly chart; depending on the movement of the U.S. dollar, there is a possibility of another decline, so traders should be cautious about chasing the downside.

Today’s economic indicators include UK retail sales at 15:00, French manufacturing and services PMIs at 16:15, German manufacturing and services PMIs at 16:30, Eurozone manufacturing and services PMIs at 17:00, and UKmanufacturing and services PMIs at 17:30, Canadian retail sales at 21:30, and U.S. manufacturing and services PMIs at 22:45. Today’s PMI data could provide insights into whether economic trends in these countries have peaked, so we will monitor the results closely while assessing price movements heading into the weekend.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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