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PMI data in focus in Europe

The big news overnight was Powell’s re-appointment as Fed chairman and the market reaction was quite noticeable as the dollar soared as bonds were offered.

It looks like the market thinks Powell’s rollover keeps the Fed on track for perhaps faster rate hikes, with the focus on rate differentials as the yen has suffered the most from the rise. Treasury yields in particular.

This move continues, with USD / JPY trading above 115.00 for European morning trading, while the dollar technically maintains a good position across the board.

Expect the ebb and flow and charts to dominate sentiment before we get to “end of the week” tomorrow with the release of the FOMC meeting minutes.

On top of that, oil will be one to watch amid talks on a coordinated SPR release. The price is still slightly under pressure, but it’s a game that could end up as a ‘sell the rumor, buy the fact’ game as we get closer to key technical levels.

0815 GMT – France November flash manufacturing, services, composite PMI

08:30 GMT – Germany November flash manufacturing, services, composite PMI

0900 GMT – Euro zone November manufacturing flash, services, composite PMI

Today’s figures should reaffirm the deepening gloom in the eurozone economy, with supply bottlenecks and growing cost pressures expected to weigh on business activity; not to mention the worsening virus situation in parts of the region – notably Germany. This will keep the outlook warmer as we look to end the year.

0930 GMT – UK, November, Flash Manufacturing, Services, Composite PMI

Overall UK business activity is expected to hold, but a slightly lower expansion is estimated due to concerns over supply and capacity constraints as well as mounting cost pressures, which are expected to trickle down to consumers .

That’s all for the upcoming session. I wish you the best of the days ahead and good luck with your trading! Stay safe there.

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