Forex Marketz Daily Forex News – Fully Markets Update
Good morning and welcome to CupO’Forex. This is David Frank with your daily video analysis for Monday, December 1.
Let’s get started as we have a lot going on. Asian markets have moved higher today despite mixed manufacturing data out of China this morning. Despite still being in the expansion area, manufacturing in the world’s second largest economy continues to slowdown. The flash HSBC number came in at 50 today. This is just at the expansion level.
Before moving on, I want to point out the price of crude continues to be battered as t is now pushing towards $60 per barrel.
Later this morning the European Union will be releasing manufacturing PMIs from every country like Estonia, Greece and France to their powerhouse country of Germany. While we are expecting these numbers to stay well below the contraction level of 50, Germany is expecting to continue to slow down as well. Question is, will it come in at 50 or contract? This could be an interesting day for the euro.
Later this afternoon, the United States will release its ISM PMI manufacturing number. We are expecting that to come in at a healthy 58.0 reading.
Looking at the EUR/USD this morning, the euro failed near another technical resistance level and lost ground. Our bearish model is remaining intact.
Thank you for listening and have a wonderful day trading!