All eyes are on the results of the U.S. ISM Manufacturing PMI
01.02.2022
- UK Manufacturing PMI
- MIS Manufacturing Index
Yesterday, the three major U.S. stock indices all extended their gains, resulting in a market environment characterized by rising stock prices, falling interest rates, and higher crude oil prices. The VIX (fear index) fell by about 10% to 24.8, and the Chicago Purchasing Managers’ Index (PMI), released yesterday, came in at 65.2—significantly higher than the market forecast of 61.8.WTI crude oil closed above $88 and is currently trading in the $88.5 range.
Ahead of the policy rate announcement the day after tomorrow, the foreign exchange market is seeing the pound trade in a directionless manner, with GBP/JPY currently hovering around 154.62. From a technical perspective, since GBP/JPY remains within an upward channel on the hourly chart, the key will be whether it can rebound after touching the lower boundary around 154.38.
Today, German retail sales are scheduled for 4:00 PM, the French Consumer Price Index (flash estimate) for 4:45 PM, the Swiss Manufacturing PMI for 5:30 PM, the German unemployment rate for 5:55 PM, the UK Manufacturing PMI and UK mortgage approvals for 6:30 PM, the Eurozone unemployment rate for 7:00 PM, and Canadian GDP for 10:30 PM.U.S. Manufacturing PMI at 11:45 PM, U.S. ISM Manufacturing Index, U.S. JOLTS Survey, and U.S. Construction Spending at 12:00 AM. We should be on the lookout for significant price movements starting during European trading hours, when these indicators are scheduled to be released.
