Keep an eye on the Manufacturing/Services PMI (flash estimates)

Keep an eye on the Manufacturing/Services PMI (flash estimates)

23.07.2021

Yesterday, U.S. stock prices continued to rise slightly, resulting in a market environment characterized by higher stock prices, stable interest rates, and rising oil prices. In particular, WTI crude oil saw a significant rebound, climbing to $71.60 and surpassing its opening level at 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 currently in the 1.28% range.

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

Today’s economic indicators include UK retail sales at 3:00 PM, French manufacturing and services PMIs at 4:15 PM, German manufacturing and services PMIs at 4:30 PM, Eurozone manufacturing and services PMIs at 5:00 PM, UK manufacturing and services PMIs at 5:30 PM, Canadian retail sales at 9:30 PM,and US Manufacturing/Services PMI at 10:45 PM. Today’s PMI data could provide insights into whether economic trends in each country have peaked, so we will monitor the results closely and assess price movements over the weekend.

Past Market Reports

1. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

2. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

3. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

4. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

5. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

6. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

7. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

8. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

9. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

10. 07.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran