The preliminary Australian CBA PMI report showed the Manufacturing, Services and Composite PMI contracting below the 50.0 level that indicates contraction. This served as the latest reminder that more economic pain may follow. The AUDUSD remained stable at support, but how will today’s US economic data impact price action? Today’s fundamental analysis will take a look at price action in both directions. Trade concerns are on the rise, US impeachment procedures are ongoing and economic data is mixed. Today’s PMI reports are...
Preliminary November PMI data out of France, Germany, and the Eurozone will be in focus today. Economists anticipate a minor improvement over October data, but PMI reports have been volatile. The final third-quarter German GDP is also expected to confirm Europe’s largest economy avoided a technical recession. With the EURJPY at resistance, how will price action react after the release of PMI data? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade. Japanese inflation data confirmed the absence of...
Trade data out of Japan reminded forex traders that the global economy is in worse shape than what economists have expected or what markets have priced in. Japanese All Industry Activity Index increased sharply, but supermarket sales plunged. The USDJPY started to move lower and is now trading below a strong horizontal resistance area. Where will price action move from here? Today’s fundamental analysis will take a look at price action in both directions. After yesterday’s FOMC minutes, which echoed Fed Chief Powell’s comments in regards to...
Australian economic data showed another monthly contraction in the Westpac Leading Index for October as September was revised lower. Skilled Vacancies also posted a contraction, following the disappointing labor report which showed disruptions across the economy. The PBOC cut interest rates by 5 basis points and the AUDCAD remained at support. How will price action react to Canadian inflation data and a sell-off in oil prices? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade. Forex traders will get...
EU 25 New Car Registrations increased in October which followed a string rise in September. Adding to bullish sentiment was the unexpected increase in Italian new industrial orders as well as sales. A bigger than expected current account surplus out of the Eurozone was also released and while the EURUSD maintained its uptrend, price action is pausing at resistance. How will this currency pair react following the release of US economic data? Today’s fundamental analysis will take a look at price action in both directions. US housing starts...