Daily Update - 24th August 2017
Today was a light day on the economic calendar but on such a day, the PMI data from the Eurozone was the dominating factor. The data came in stronger than expected and this raised the concern of tapering once again. Mario Draghi's speech yesterday offered little hints on future monetary policy and while we still have to wait until Draghi's speech at Jackson Hole on Friday. U.S. August Markit manufacturing PMI fell 0.8 points to 52.5 in the preliminary print, unwinding some of the 1.3 point gain to 53.3 in July. This is the highest since April 2015. All in all, this is another solid report on sentiment that moved the market yesterday. Markets will be glued to Jackson Hole Symposium in USA starting today which will run till Saturday. This is a forum for central bankers, policy experts and academics to come together to focus on a topic. The key speeches are expected by Fed Chair Janet Yellen and ECB President Mario Draghi. Data wise we will see GDP figures from UK which is a measure of the total value of all goods and services produced by the UK. Next up will be Jobs data from USA. First up will be Continuing Jobless Claims which measure the number of individuals who are unemployed and are currently receiving unemployment benefits. The day will end with Initial Jobless Claims which is a measure of the number of people filing first-time claims for state unemployment insurance.Yesterday’s Focus
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