Daily Update - 24th November 2020
Germany’s Markit Manufacturing PMI resulted positive and but regardless the Dollar strengthened following optimism on Covid Vaccine. UK Markit Services PMI resulted positive and boosted the Sterling initially and then the US Vaccine News turned the tables around for the Sterling on the latter part of the day. US Markit Services PMI boosted the currency further supporting the bounce back of the Dollar against the basket of rival currencies. It’s a relatively busy day ahead on the economic calendar for the EUR. Finalized 3rd quarter GDP and November IFO Business Climate Index figures from Germany are due out. With the 2nd wave of the COVID-19 pandemic hitting the Eurozone economy in the 2nd quarter, the GDP numbers will likely have a muted impact on the EUR.The markets will be expecting a fall in the Business Climate Index in November, which should limit the downside for the EUR. Late in the day, ECB President Lagarde is due to speak. Any monetary policy chatter will provide the EUR with direction. It’s a quiet day ahead on the economic calendar for the Pound. There are no material stats due out, leaving the Pound in the hands of Brexit and market risk sentiment. Across the Pond, it’s also a relatively busy day ahead for the U.S Dollar. November consumer confidence figures are due out late in the day. With the U.S reintroducing containment measures to curb the spread of the COVID-19 pandemic, a fall in confidence is likely. Weaker retail sales figures from last week and a further decline in consumer confidence would weigh on riskier assets. Hopes of a COVID-19 vaccine, however, should limit the damage.Yesterday’s Market
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