All Eyes on the U.S. ISM Manufacturing PMI Results
01.02.2022
- UK Manufacturing PMI
- U.S. ISM Manufacturing PMI
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 the GBP/JPY pair currently hovering around 154.62. From a technical perspective, since the GBP/JPY pair 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’s schedule includes German retail sales at 16:00, the French Consumer Price Index (flash estimate) at 16:45, the Swiss Manufacturing PMI at 17:30, the German unemployment rate at 17:55, the UK Manufacturing PMI at 18:30,UK mortgage approvals at 17:30, the Eurozone unemployment rate at 19:00, Canadian GDP at 22:30, the U.S. Manufacturing PMI at 23:45, the U.S. ISM Manufacturing Index, the U.S. JOLTS survey, and U.S. construction spending at 24:00.Be on the lookout for significant price movements starting during European trading hours, when these economic indicators are released in quick succession.
