1. All Eyes on Manufacturing Data
China manufacturing data has come in surprisingly better-than-expected with the factory activity gauge jumping for the month of November. Asian bourses edged higher today on broader optimism over China’s outlook while the increased risk appetite has also affected EU markets which also noted a slightly bullish open. Newly released, the eurozone and Germany manufacturing PMI also came in stronger than expected at 9:00 GMT pushing indices higher. Later in the day investors will focus on the U.S. ISM Manufacturing PMI for November at 15:00 GMT with forecasts pointing to a solid release. A robust ISM Manufacturing PMI can help further support the dollar. It’s also Cyber Monday today and we would expect more online sales after the Black Friday numbers which have hit another record again. Stay tuned with all the latest releases on BDSwiss’ Economic Calendar.
2. Investors to Focus on Nato, BoC & NFP
A Nato defence meeting will also be held in the UK this week with key Trump and Erdogan to come face-to-face after their brows over Turkey’s acquisition of an advanced Russian antiaircraft missile system. Later this week investors will focus on Wednesday’s Bank of Canada Interest Rate Decision and Friday’s NFP numbers for more guidance. Don’t miss our free live webinars on the BoC and NFP this Wednesday and Friday, you can sign up to watch our pros trade live on BDSwiss webinar page.
3. Forex Preview: Yen Tumbles
In today’s forex markets, the Japanese yen hit a six-month low as investors cheered an unexpected rebound in Chinese manufacturing, while a tightening British election race knocked the pound. A narrowing lead for the Conservative Party ahead of the Dec. 12 election kept the pound subdued while the NZD gained on rising oil prices. The dollar meanwhile remained firm putting further pressure on safe-haven currencies while the EUR held near a familiar $1.10 range as concerns about Chancellor Merkel’s government deepened after the social democrats elected new leaders and their coalition with Merkel remains uncertain.
4. Oil Prices Higher
Oil prices rose more than 1% this morning as a surprisingly robust manufacturing activity in China revived hopes of increasing fuel demand. What is more, expectations that OPEC may deepen output cuts at its meeting this week could mean a tightening supply.
5. Gold Tumbles
Gold suffered deeper losses on Monday as the dollar remained robust and investors turned to riskier assets amid broader optimism. XAU/USD rumbled 0.6% as of 9:00 GMT this morning trading neat the $1,455 range at a near one-month low.
You can find and trade CFDs on all of the above-mentioned assets on BDSwiss Forex/CFD platforms.
CNBC Dec 2, 2019 2:48 AM ET
Investing Dec 2, 2019 7:33 AM ET
Bloomberg Dec 2, 2019 6:45 AM ET
Reuters Dec 2, 2019 05:58 AM ET