Sterling and Euro Rise on PMI Data in Consolidating Markets
| Action Insight Mid-Day Report 11-23-23 |
Sterling and Euro Rise on PMI Data in Consolidating Markets |
PMI data are the main drivers in the forex markets today, particularly lifting Sterling and, to some degree, Euro to higher positions. The bounce in Sterling is chiefly attributed to UK services sector bouncing back into expansion territory, a sign of economic resilience. Additionally, the severity of manufacturing recession in UK seems to be diminishing, offering further support to the currency. Eurozone has also witnessed a slight improvement in its PMI data, with Germany showing relatively more substantial progress. Despite these positive developments, both UK and Eurozone continue to grapple with the looming risks of recession and noticeable increase in inflation pressures. |
GBP/USD Mid-Day Outlook Daily Pivots: (S1) 1.2445; (P) 1.2498; (R1) 1.2546; More... Intraday bias in GBP/USD is back on the upside with break of 1.2557 temporary top. Rise from 1.2036 is resuming for 61.8% retracement of 1.3141 to 1.2036 at 1.2716 next. On the downside, though, below 1.2447 minor support will turn intraday bias again first, and probably bring lengthier consolidations. | |
| GMT | Ccy | Events | Actual | Forecast | Previous | Revised |
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| 22:00 | AUD | Manufacturing PMI Nov P | 47.7 | 48.2 | | 22:00 | AUD | Services PMI Nov P | 46.3 | 47.9 | | 08:15 | EUR | France Manufacturing PMI Nov P | 42.6 | 43.2 | 42.8 | | 08:15 | EUR | France Services PMI Nov P | 45.3 | 45.7 | 45.2 | | 08:30 | EUR | Germany Manufacturing PMI Nov P | 42.3 | 41.3 | 40.8 | | 08:30 | EUR | Germany Services PMI Nov P | 48.7 | 48.5 | 48.2 | | 09:00 | EUR | Eurozone Manufacturing PMI Nov P | 43.8 | 43.4 | 43.1 | | 09:00 | EUR | Eurozone Services PMI Nov P | 48.2 | 48 | 47.8 | | 09:30 | GBP | Manufacturing PMI Nov P | 46.7 | 45 | 44.8 | | 09:30 | GBP | Services PMI Nov P | 50.5 | 49.5 | 49.5 | | 12:30 | EUR | ECB Meeting Accounts |
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