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
CHF- Switzerland Unemployment Rate
CNY - China's Inflation Rate YoY
USD - USA Consumer Price Index
USD - Inflation Rate YoY
GBP - UK GDP Growth Rate
GBP - UK Goods Trade Balance
USD - USA Michigan Consumer Sentiment
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