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    Baxia Markets
    By
    August 08, 2022

    Weekly Update

    foreign exchange market 24 hours baxia markets

    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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