Should We Keep an Eye on the Eurozone Manufacturing PMI?

Should We Keep an Eye on the Eurozone Manufacturing PMI?

02.11.2021

Yesterday, the three major U.S. stock indices all rose, creating a risk-on market characterized by rising stock prices, falling interest rates, and higher oil prices. The U.S. ISM Manufacturing Index for October, released yesterday, came in at 60.8, exceeding the market forecast of 60.5, though it was down from the previous month. WTI crude oil rose to $84.07 per barrel.

The foreign exchange market has seen the pound stand out for its weakness, with the pound remaining the weakest currency throughout the day yesterday. While other yen crosses have held up well, GBP/JPY has fallen to 155.43 during today’s Asian trading session. However, since GBP/JPY is approaching the 120-period moving average on the 4-hour chart, we need to carefully assess whether the 155.39 level will act as support.

Today’s schedule includes remarks by RBA Deputy Governor Devel at 14:50 (Asia time), the Swiss Consumer Price Index and Retail Sales at 16:30 (Europe time), the French Manufacturing PMI at 17:50, the German Manufacturing PMI at 17:55, the Eurozone Manufacturing PMI and South African Manufacturing PMI at 18:00, Canadian Housing Starts at 21:30 (U.S. time),and at 29:00, the RBNZ Financial Stability Report from New Zealand is scheduled for release. We will monitor the release of U.S. economic indicators and price movements to assess currency strength.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 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

4. 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?

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 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?

8. 08.04.2026

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

9. 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

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed