Eurozone, Germany, Australia, and UK manufacturing and service PMI reported a noticeable rebound in recent months.
UK manufacturing PMI - Actual: 50.1 Forecast: 45 Previous: 40.7
UK services PMI – Actual: 47 Forecast: 40 Previous: 29
Eurozone Manufacturing PMI - Actual: 46.9 Forecast: 44.5 Previous: 39.4
Germany Manufacturing PMI - Actual: 44.8 Forecast: 41.5 Previous: 36.6
Germany Services PMI - Actual: 45.8 Forecast: 42 Previous: 32.6
US equity futures and European shares surge during the European session after the tweet from US President Donald Trump. The Asian stocks and the US futures dropped earlier in the Asian session after US trade adviser Peter Navarro said that the trade deal with China has been terminated.
Crude oil prices climbed higher on Monday after President Trump tweeted “The China Trade Deal is fully intact”. Today the investors keep an eye on the latest US weekly stockpiles scheduled to be published by the API later today at 21:30 GMT.
The New Zeeland dollar trading near fresh week high ahead of RBNZ interest rate decision and statement. The central bank will give a policy update On Wednesday Asian session. While the Australian dollar trading near the session high after the price rebounded from the daily low.
The yellow metal trading near 8-year high on Tuesday, amid worries of a second wave of coronavirus and rising US-China tensions.
Moving ahead to the North American session the investors will closely monitor the comments from UK PM Johnson. He will reportedly announce in parliament today a further easing of lockdown restrictions in England. The other important events to watch:
US manufacturing PMI – 13.45 GMT
U.S. new home sales report– 14.00 GMT
The total number of Covid-19 cases has passed 9 million worldwide. As per the latest numbers from the WHO more than 183,000 new cases of COVID-19 were reported worldwide on Sunday, which was easily the most in a single day so far. The Philippines has reported its biggest single-day increase in cases, with 1,150 new cases reported within 24 hours. Total cases have reached 31,825 while deaths increased by nine to 1,186. Germany has reported 503 new infections, taking the total number of confirmed cases to 190,862.
GOLD: Gold price trading in a range between $1740 and $1765 after climbing to a fresh monthly high of $1763 on Monday amid fears over a second wave coronavirus infections.
The important levels to watch for today: Support- $1742 and $1730 Resistance- $1765 and $1776.
EUR/USD: The pair trading near 1.13 after better-than-expected Eurozone and German PMI numbers.
The important levels to watch for today: Support- 1.1240 and 1.12 Resistance- 1.1320 and 1.1380.
Quote of the day: Money management is the only strategy to survive in this crazy, stupid and doped financial world market- William C. Brown.