Should We Keep an Eye on the European Manufacturing PMI?
02.11.2021
- European Manufacturing PMI
- New Zealand RBNZ Financial Stability Report
Yesterday, the three major U.S. stock indices all rose, creating a risk-on market characterized by higher stock prices, lower 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 is seeing notable weakness in the pound, which was 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 hold as support.
Today’s schedule includes remarks by RBA Deputy Governor Devel at 14:50 (Asian time), Switzerland’s Consumer Price Index and Retail Sales at 16:30 (European time), France’s Manufacturing PMI at 17:50, Germany’s Manufacturing PMI at 17:55, the Eurozone and South Africa’s Manufacturing PMIs at 18:00, Canada’s Housing Starts at 21:30 (U.S. time),and at 29:00, the RBNZ Financial Stability Report is scheduled for release. We will monitor the release of U.S. economic indicators and price movements while assessing currency strength.
Author: Keisuke Sakurai
