Private Sector PMIs Put the EUR, the GBP, and the Greenback in the Spotlight
Earlier in the Day:
It was a relatively quiet start to the day on the economic calendar this morning. The Japanese Yen was in action this morning.
For the Japanese Yen
Prelim private sector PMI numbers for August were in focus this morning.
In August, the Manufacturing PMI fell from 53.0 to 52.4, with the Services PMI sliding from 47.4 to 43.5.
According to the August prelim survey,
Across the private sector, the contraction was the most marked since August 2020.
Incoming new business was reduced at the sharpest pace for 7-months.
New export orders saw weaker growth across the manufacturing sector, while seeing a stronger decline across the services sector.
In spite of disappointing new business, the services sector saw a pickup in employment after having declined in July. The pace of hiring across the manufacturing sector increased in the month.
Service sector activity continued to be the main drag, however, contracting for a 19th consecutive month.
The contraction across the services sector was also the most marked since May 2020.
The Japanese Yen moved from ¥109.872 to ¥109.925 upon release of the figures. At the time of writing, the Japanese Yen was down 0.06% to ¥109.850 against the U.S Dollar.
Elsewhere
At the time of writing, the Aussie Dollar was up by 0.35% to $0.7157, with the Kiwi Dollar up by 0.09% to $0.6841.
The Day Ahead
For the EUR
It’s a busy day ahead on the economic data front. Prelim August private sector PMIs for France, Germany, and the Eurozone will be in focus later this morning.
Expect plenty of interest in both the services and manufacturing sector PMIs. Slower activity would further test the EUR following last week’s losses.
Late in the European session, Eurozone consumer confidence will also influence.
At the time of writing, the EUR was up by 0.09% to $1.1708.
For the Pound
It’s a relatively busy day ahead on the economic calendar. Prelim private sector PMIs for August are due out later in the day.
The services PMI will be key, with a fall in the PMI likely to raise further doubts over a near-term move by the BoE.
At the time of writing, the Pound was up by 0.19% to $1.3649.
Across the Pond
It’s also a relatively busy day ahead. Private sector PMIs for August will provide the markets with direction later in the day.
Expect the Services PMI to be key.
Away from the economic calendar, FOMC member chatter will need monitoring as the markets begin gearing up for Jackson Hole…
At the time of writing, the U.S Dollar Spot Index was down by 0.04% to 93.455.
For the Loonie
It’s a quiet day on the economic calendar. There are no material stats due out of Canada to provide the Loonie with direction.
The lack of stats will leave the Loonie in the hands of the private sector PMIs from Asia, Europe, and the U.S and COVID-19 news updates.
At the time of writing, the Loonie was up by 0.26% to C$1.2788 against the U.S Dollar.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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