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Should We Keep an Eye on the European Manufacturing PMI?

Market Report

Should We Keep an Eye on the European Manufacturing PMI?

02.11.2021

Today's Highlights
  1. European Manufacturing PMI
  2. New Zealand: RBNZ Financial Stability Report

Yesterday, in the U.S. market, the three major stock indices all rose, creating a “risk-on” market characterized by higher stock prices, lower interest rates, and higher crude oil prices. The U.S. October ISM Manufacturing Index, 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.

In the foreign exchange market, the pound’s weakness has been particularly noticeable, and as of yesterday, it was the weakest currency throughout the day.While other yen crosses have been holding steady, 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 during Asian trading hours; Switzerland’s Consumer Price Index and retail sales at 16:30 during European trading hours; France’s Manufacturing PMI at 17:50; Germany’s Manufacturing PMI at 17:55;at 6:00 p.m., the Eurozone and South African Manufacturing PMIs, and during U.S. trading hours, Canadian housing permits at 9:30 p.m. and the release of the RBNZ Financial Stability Report at 5:00 a.m. We will monitor the economic data releases and price movements during U.S. trading hours to assess currency strength and weakness.

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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