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On October 24th, newly released PMI survey data showed that the UKs private sector grew faster than expected in October, ending a year-long manufacturing contraction and suggesting that the economy is beginning to recover from the impact of the Labour governments tax hikes. S&P Globals preliminary data released on Friday showed that the UKs composite PMI rose to 51.1 from 50.1 in September, exceeding economists forecast of 50.5 and remaining above the 50 mark that separates expansion from contraction. Businesses reported that input cost pressures had eased to their lowest level since November of last year, and new orders also improved. This helped slow the pace of job losses to the lowest level since May, when businesses were just beginning to adjust to government policies that increased labor costs. The manufacturing sector saw the most significant improvement, achieving its first growth since October of last year.The onshore RMB closed at 7.1230 against the US dollar at 16:30 on October 24, down 9 points from the previous trading day.On October 24, CIMC Vehicles announced that its third-quarter revenue was 5.259 billion yuan, a year-on-year increase of 2.65%, while its net profit was 219 million yuan, a decrease of 21.72%. For the first three quarters, its revenue was 15.012 billion yuan, a year-on-year decrease of 5.13%, while its net profit was 622 million yuan, a year-on-year decrease of 26.23%.Japanese Prime Minister Sanae Takaichi told Indian Prime Minister Narendra Modi on the X platform that she looks forward to working with him to further promote the Japan-India special strategic global partnership.The UKs preliminary composite PMI for October was 51.1, a two-month high; the UKs preliminary services PMI for October was 51.1, a two-month high; the UKs preliminary manufacturing PMI for October was 49.6, a 12-month high.

NZDUSD is negative below 0.5900 despite the introduction of USD buying

Alina Haynes

Nov 07, 2022 17:58

 截屏2022-11-07 下午5.13.14.png

 

Following a modest bearish gap opening to the 0.5855-0.5850 range on Monday, the NZDUSD pair experiences some buying, but is unable to capitalize on the move. Spot prices retreat a few pips from the day's high and continue on the defensive below the 0.5900 mark as the US Dollar recovers minor territory at the start of the European session.

 

On the first day of the new week, the USD regains some upward momentum and recovers a bit of Friday's fall following the announcement of the NFP. In fact, the monthly US jobs report's mixed results fueled rumors that the Federal Reserve may slow the pace of future rate hikes, which weighed heavily on the US dollar. Nonetheless, higher US Treasury bond yields and a softer tone help limit dollar losses and act as a drag for the NZDUSD pair.

 

Concerns of headwinds stemming from China's intention to maintain its economically harmful zero-COVID policy have weakened investor confidence. This occurs in the midst of the protracted Russia-Ukraine conflict and leads to escalating fears regarding the worsening global economic crisis. Even from a technical perspective, bullish traders should be mindful of the emergence of fresh selling ahead of the middle of the 0.59 range. Before positioning for any significant NZDUSD pair gain, it is prudent to await sufficient follow-through buying.

 

The United States is not anticipated to release any market-moving economic data, leaving the USD vulnerable to US bond yields. Aside from this, traders will take cues from the overall risk sentiment of the market in order to capitalize on short-term opportunities involving the risk-sensitive New Zealand dollar. However, the mixed underlying environment may cause short-term traders to remain on the sidelines until the release of the latest US consumer inflation data on Thursday.


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