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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.

NZD/USD falls rapidly from 0.6260 when the RBNZ announces a decline in inflation projections to 3.07 percent

Daniel Rogers

Aug 08, 2022 12:00

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The NZD/USD pair has encountered selling pressure while attempting to surpass the immediate resistance level of 0.6260. The asset has seen bids after the Reserve Bank of New Zealand (RBNZ) announced inflation estimates at 3.07 percent, down from 3.29 percent previously. It could be an indication of waning price pressure, but additional evidence is still needed to support the argument.

 

Price pressures in the New Zealand economy are increasing and have not yet shown signs of weariness. A June report indicates that an inflation rate of 7.3% is adequate to generate headwinds for families. The RBNZ is consistently escalating its policy tightening measures to combat the same. RBNZ Governor Adrian Orr has already increased the Official Cash Rate by 2.50 percentage points.

 

On the front of the US dollar, the US dollar index (DXY) has returned all intraday gains and is currently trading near the day's open at 106.60. While attempting to break over the crucial resistance level of 106.80, the DXY has encountered selling pressure. This week, investors' attention is centered on Wednesday's release of the US Consumer Price Index (CPI).

 

The annual inflation rate is projected to continue at 8.7 percent, down from 9.1 percent in the previous report. Oil prices have been on a downward trend in July, which may be the determining factor for a significant decline in the price increase index. While the US CPI excluding volatile food and oil prices may increase from 5.9 percent to 6.1 percent, the previous reading was 5.9 percent.

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