Daily Update - 6th February 2018
Yesterday’s Focus Yesterday’s Explained On Monday, Eurozone composite PMI for the month of January grew to 58.8 from the previous month’s, and the forecasted, 58.6, which is the highest level since June 2016. The positive data release shows that the Eurozone economy has entered 2018 on a very strong footing. Examining the data at national levels, Italy recorded its highest PMI figure in almost 12 years. As hiring for business is at the fastest pace it’s been for seventeen years, the European Central Bank will be encouraged to expect an acceleration in wages growth that would help meet its inflation target in the coming years. The ISM non-manufacturing index rose 3.9 points to 59.9, its highest reading of the cycle. The new orders index was the main driver of the recovery from December, when there was a slight lull in service sector activity. Today’s Focus Today’s Market On Tuesday, it will begin with the Interest Rate Decision from Reserve Bank of Australia, if the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. From Canada, International Merchandise Trade will be released is the difference in the value of its imports and exports of Canadian goods excluding intangibles like services. Export data can give an important reflection of Canadian growth as tangible goods like oil, gold and manufacturing dominate a large part of Canada 's GDP.
