Author: FX

UK PMI Data DisappointmentFlash UK PMI Composite Output Index at 47.8 (Dec: 49.0). 24-month low.Flash UK Services PMI Business Activity Index at 48.0 (Dec: 49.9). 24-month low.Flash UK Manufacturing Output Index at 46.6 (Dec: 44.4). 6-month high. Recommended by Richard Snow Learn how to prepare ahead of important data prints Customize and filter live economic data via our DailyFX economic calendarThe New Year Ushers in a Sustained Downturn in UK Business ActivityAfter December’s impressive services PMI print, markets hoped for another encouraging print for January given a slightly improved outlook now that inflation appears to be headed in the right…

Alvotech, Bioventure get approval for Humira biosimilar in Saudi Arabia Source link

© Reuters. FILE PHOTO: A worker assembles a vehicle at the Knaus-Tabbert AG factory in Jandelsbrunn near Passau, Germany, March 16, 2021. Picture taken March 16, 2021. REUTERS/Andreas Gebert/File Photo LONDON (Reuters) – Euro zone business activity made a surprise return to modest growth in January, adding to signs the downturn in the bloc may not be as deep as feared and that the currency union may escape recession, a survey showed. S&P Global (NYSE:)’s flash Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health, climbed to 50.2 this month from 49.3 in December. January…

Trading is much like a game of basketball. Two teams are playing. One side are the bulls and the other side are the bears. Both sides struggle to push their team for that win. Basketball is a game that is wherein momentum plays a very big role. In fact, many professional players would agree that it is a game of runs. One big play can change the chemistry of a team. Players could be making mistakes here and there, but one big shot or a dunk can bring the fans on their feet and the team back in the game.…

USDIndex settled at 101.50, Wall Street rallied on the back of tech amid ongoing hopes for a downshift in Fed rate hikes amid a potential moderation in inflation this week. Fears of a recession and the potential for the worst quarter of earnings in seven years were put aside for now. Microsoft announces today but news it is investing $10 bln in OpenAI, the maker of ChatGPT provided strong support for investors. The USD Index failed to extend above 102, while it returned to 101.50, as Treasuries cheapened amid the gains in risk appetite and…

Prior 102; revised to 103Manufacturing confidence 103Prior 102Services confidence 105Prior 104It’s a mixed bag as industry confidence rises slightly in January while services sector morale declined. On the balance of things, this resulted in a slight drop in the composite (headline) reading. Source link

If you haven’t gotten enough of central banker-speak then you’re gonna love that BOC is publishing its latest monetary policy decision tomorrow at 3:00 pm GMT. Any central bank decision is a BFD for forex traders but BOC’s event just might bring more CAD volatility than the usual. See, after a dovish shift from “interest rate will need to rise further” in October to “Governing Council will be considering whether the policy interest rate needs to rise further” in December, markets are expecting the BOC to raise its interest rates by a smaller 25 basis points to 4.50%. And if…

Open interest in natural gas futures markets shrank by around 2.1K contracts on Monday after two daily builds in a row, according to preliminary readi Source link

DOJ poised to file antitrust lawsuit against search giant for the second time Source link

© Reuters. FILE PHOTO: General view in Riyadh, Saudi Arabia, June 21 2020. REUTERS/Ahmed Yosri By Anant Chandak BENGALURU (Reuters) – Economies in the six-member Gulf Cooperation Council (GCC) will grow this year at half the rate of 2022 as oil revenues take a hit from an expected mild global slowdown, according to the median view from a Reuters poll of economists. Crude oil prices, a major driver for Gulf economies, are down more than a third from last year’s highs and were expected to remain under pressure this year over fears of a recession in major economies sapping demand.…