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The preliminary figures for the UKs November services and manufacturing PMIs will be released in ten minutes.Statoil has signed a 10-year gas supply agreement with the Czech Republic.November 21st - Surveys show that Eurozone business activity grew steadily in November, with the services sector expanding at its fastest pace in a year and a half, but weak demand caused the manufacturing sector to contract again. Despite persistent global uncertainty this year, the Eurozone has shown resilience, and improved business confidence suggests this momentum is likely to continue. The Eurozones preliminary composite PMI for November fell slightly to 52.4 from a more than two-year high of 52.5 in October, slightly below the expected 52.5, but this marks the 11th consecutive month the index has remained above the 50 threshold, indicating continued economic expansion. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, stated, "The Eurozones services sector is a ray of hope. While business activity in Germany has slowed significantly, service providers in France have resumed growth. Overall, the Eurozone continues to maintain a relatively robust pace of expansion. Although manufacturing dragged down overall growth, the Eurozones overall growth rate in the fourth quarter was faster than in the third quarter due to the high weight of the services sector in the overall economy."The Eurozones November manufacturing PMI preliminary reading came in at 49.7, a five-month low; the Eurozones November services PMI preliminary reading came in at 53.1, an 18-month high; and the Eurozones November composite PMI preliminary reading came in at 52.4, a two-month low.The Eurozones November services PMI preliminary reading was 53.1, below the expected 52.8 and the previous reading of 53.

Forecast for Gold Price: XAUUSD advances to the backside of the bull micro trend

Alina Haynes

Nov 15, 2022 16:49

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Despite a stronger US Dollar, the Gold price reached a new three-month high on Monday as US yields rose in response to Friday's disappointing US Consumer Price Index report. Friday's inflation figures prompted speculators to anticipate that the Federal Reserve would hold off on large interest rate hikes. As a result, demand for gold remains strong.

 

In spite of a hawkish Federal Reserve meeting, in which Fed Chair Jerome Powell pushed back against the market's reaction to a dovish announcement by suggesting that the terminal rate could be higher than initially anticipated, commodities prices have been staging a rebound from their year-to-date lows. A number of factors contribute to the shift in opinion, including rumors that China will relax its zero-Covid restrictions. Due to a recent string of less inflationary US data outcomes, it had been speculated that a Fed policy shift was imminent.

 

US consumer prices grew 0.4% for the month of October and 7.7% year-over-year, as reported on Friday. This was down from 8.2% year-over-year in September and 0.2 percentage points below the consensus, with the ex-food and energy estimate coming in at 6.3%. This was a positive report, and the market's response included a 5.5% increase in the S&P 500 and a 26 basis point drop in the 2-year Treasury rate, which sent gold soaring and the dollar plummeting. Gold traders were already focused on the increase in money managers' short positions over the past few months, which led to significant short covering above the $1,720 resistance level.


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