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Good Morning! 🇺🇸USD ⬆️ higher vs. all but JPY 🔻 US yields 🇪🇺EUR 🔻tumbles on very weak PMIs 🇬🇧GBP 🔻hit hard by weak PMI & Retail Sales 🇦🇺AUD 🔄 steady on stronger PMI mfg 🇯🇵 JPY ⬆️ on stronger CPI & fiscal stimulus 🇨🇦CAD 🔻 Retail Sales due today
Euro and Sterling are Trying to Stabilize after Sharp Drop on Back of Disappointing Flash PMI: Overview: Weak preliminary PMI readings in Europe, Japan, and Australia, underscore the apparent divergence with the US, sending the dollar broadly higher. The… https://t.co/CDdKavhjxl https://t.co/2UEOqCL86H
Dreadful PMIs from Europe sent $euro and $GBP reeling. Stabilizing before US open. Odds of 50 bp cut by ECB next month jumps to over 50%. Next week's CPI may spur a re-think. Chinese stocks hit, CSI 300 falls 3%. See https://t.co/potx0sTv8t https://t.co/B5psZG5fsv
The euro has slumped to a near two-year low following disappointing PMI data from the eurozone. Political risks are weighing on growth in both the UK and the eurozone, according to flash November PMIs. This has resulted in the GBP/USD hitting a multi-month low and the EUR/USD briefly touching a 1.03 handle. Sterling was also hit hard by weak PMI and retail sales data. The poor PMI metrics have led to increased speculation of a 50 basis point rate cut by the European Central Bank (ECB) next month. Meanwhile, the US dollar has strengthened against most major currencies, benefiting from the weak European data. Chinese stocks were also affected, with the CSI 300 falling 3%.
