Weekly Update

The US S&P Global PMI falls short of expectations.

• The PMI is still within the expansion area but came slightly short of what experts anticipated and lower than the previous month.

European Area S&P PMI also came short of expectations

• Europe is now seeing a contraction as Factory Production slows down
• The unemployment rate remains unchanged 

Reserve Bank of Australia hiked Interest Rates 50 basis points.

• This is the fourth consecutive hike from RBA in an effort to control inflation and restore price stability.
• The Balance of trade dropped 1.956B from the previous month.

Economic concerns in China and Taiwan strengthen the USD

• The USD gained significant ground across all major pairs on Tuesday in a combination of Fundamental and technical factors.
• European geopolitical concerns appear to be driving investors to purchase US assets despite US data indicating the country's economy is weakening.

Bank of England hikes Interest Rate.

• BoE hiked the Interest rate by 50 bps to a total of 1.75%
• The pound gained some ground over the US dollar but fell after US Non-Farn Payrolls data release.

US Non-Farm Payrolls data came out higher than expected

• The result was 528K, more than double the consensus of 250K
• The USD labor market continues to be strong, helping raise the value of the USD

Upcoming High Impact Economic Indicator Releases

Monday

CHF- Switzerland Unemployment Rate

Tuesday

CNY - China's Inflation Rate YoY

Wednesday

USD - USA Consumer Price Index

USD - Inflation Rate YoY

Friday

GBP - UK GDP Growth Rate

GBP - UK Goods Trade Balance

USD - USA Michigan Consumer Sentiment

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