Onto ADP, Consumer Confidence & ISM
UK manufacturing PMI weaker; Swiss retail sales and PMI higher; Spain extends shorting ban. Focus turns to ADP, jobless claims, consumer confidence and ISM manufacturing. A brand new of Premium Insights is due at the start of the US session. Both EURJPY, 1 of 2 EURJPY and 1 USDJPY hit all targets. Find out which remain in progress and stopped out below.
USD mixed in the ongoing session. It is weaker against GBP and NZD, stronger against EUR and unchanged against the rest of the majors. European equities are gaining about 0.5%.
UK Manufacturing sector contracted for the sixth time in a row in October as PMI declined to 47.5 from previous 48.1 which is the lowest level since July. Total new orders fell at an accelerating pace compared to September as domestic demand weakened and export orders from Europe and Asia declined. GBPUSD fell after the release but recovered all losses and trades near session highs around 1.6170. EURGBP trades just a few points above the 0.80 level.
Swiss retail sales bested expectations in September as they grew 5.4% but that was still a decline from previous 6.0% y/y. SVME PMI improved in October to 46.1 from 43.6 but this is still the seventh sub 50 reading back to back.
In other news, Greek manufacturing PMI fell to 41 from previous 42.2, Chinese sovereign wealth fund will buy 10% stake in Heathrow Airport and Spain is to extend ban on short selling till January 31st.
The US session begins at 8:15 am ET with the ADP report that is expected to print 138K in October from September's 162K followed by jobless claims at 8:30 am that are seen higher at 371K from last week's 369K.
Consumer confidence is due at 10:00 am and it is anticipated higher in October at 72.4 from 70.3 while ISM manufacturing that is due at the same time is expected to edge down to 51.2 from 51.5.
For direct access to these Premium trades, please click here:http://www.ashraflaidi.com/products/sub01/access/ ?a=691 Non subscribers, can click on here to join: http://www.ashraflaidi.com/products/sub01/
by Adam Button | Jul 6, 2020 17:31
Jobs Jump Fades
by Adam Button | Jul 3, 2020 11:19
Looking Through Jobs Data Confusion
by Ashraf Laidi | Jul 2, 2020 13:05
Virus Drug Optimism Kicks off Quarter
by Adam Button | Jul 1, 2020 14:22
الداكس ضد باقي المؤشرات
by Ashraf Laidi | Jun 30, 2020 19:44