United States of America:
- The Manufacturing PMI fell to a contraction of 47.9, which is below expectations (48.0) and the previous reading (49.6).
- The monthly Construction Spending index decreased by 0.3%, which is less than the expected 1.0% and the previous reading of 0.0%.
- The ISM Manufacturing PMI showed a contraction of 47.2, below expectations (47.5) but above the previous reading (46.8).
- Factory Orders on a monthly basis increased by 5.0%, which was less than expected (4.7%) and better than the previous reading (-3.3%).
- Job Openings fell to 7.673 million, which is below the expectations (8.090 million) and the previous reading (7.910 million).
- The ADP Non-Farm Employment Change reported 99,000 new jobs, below expectations (144,000) but higher than the previous reading (111,000).
- Initial Jobless Claims decreased to 227,000, which is below the expectations (231,000) and the previous reading (232,000).
- The Services PMI rose to 55.7, surpassing expectations (55.2) and the previous reading (55.0). Additionally, the ISM Non-Manufacturing PMI rose to 51.5, beating expectations (51.3) and slightly below the previous reading (51.4).
- U.S. crude oil inventories fell by 6.873 million barrels, which is below expectations (-0.600 million) and the previous reading (-0.846 million).
- The Year-over-Year Average Hourly Earnings index increased by 3.8%, exceeding expectations (3.7%) and the previous reading (3.6%).
- The Unemployment Rate decreased to 4.2%, aligning with expectations but lower than the previous reading (4.3%).
- The Non-Farm Payrolls report recorded 142,000 new jobs, below expectations (164,000) but higher than the previous reading (89,000).
Eurozone:
- The Manufacturing PMI rose to a contraction of 45.8, surpassing expectations and the previous reading (45.6).
- The Services PMI increased to 52.9, which is below expectations (53.3) but higher than the previous reading (51.9).
- The Year-over-Year Producer Price Index recorded a contraction of 2.1%, better than expectations (-2.5%) and the previous reading (-3.3%).
- The Retail Sales index on a monthly basis increased by 0.1%, in line with expectations but higher than the previous reading (-0.4%).
- The Year-over-Year GDP growth for Q2 this year was 0.6%, matching expectations but higher than the previous reading (0.4%).
United Kingdom:
- The Manufacturing PMI increased to 52.5, surpassing expectations and the previous reading.
- The Services PMI rose to 53.7, beating expectations (53.3) and the previous reading (52.5).
- The Construction PMI decreased to 53.6, which is below expectations (54.6) and the previous reading (55.3).
Switzerland:
- The Year-over-Year Retail Sales index grew by 2.7%, exceeding expectations (-0.2%) and the previous reading (-2.6%).
- The Year-over-Year Consumer Price Index fell to 1.1%, below expectations (1.2%) and the previous reading (1.3%).
- The Year-over-Year GDP growth for Q2 this year was 1.8%, surpassing the previous reading (0.6%).
Canada:
- The Bank of Canada decided to lower interest rates by 25 basis points from 4.50% to 4.25%.
- The Employment Change recorded 22,100 new jobs, which is below expectations (23,700) but higher than the previous reading (-2,800).
- The Unemployment Rate rose to 6.6%, surpassing expectations (6.5%) and the previous reading (6.4%).
- The Ivey PMI decreased to 48.2, which is below expectations (55.3) and the previous reading (57.6).
Australia:
- The Manufacturing PMI fell to 48.5, which is below expectations (48.7) but higher than the previous reading (47.5).
- The Building Permits index increased by 10.4% on a monthly basis, surpassing expectations (2.4%) and the previous reading (-6.4%).
- The Services PMI rose to 52.5, exceeding expectations (52.2) and the previous reading (50.4).
- The Year-over-Year GDP growth for Q2 this year was 1.0%, in line with expectations but lower than the previous reading (1.3%).
Japan:
- The Manufacturing PMI rose to a contraction of 49.8, surpassing expectations and the previous reading (49.5).
- The Services PMI increased to 53.7, which is below expectations (54.0) but in line with the previous reading.
China:
- The Caixin Manufacturing PMI rose to 50.4, beating expectations (50.0) and the previous reading (49.8).
- The Caixin Services PMI decreased to 51.6, which is lower than expectations (51.9) and the previous reading (52.1).
Key Events This Week:
The markets are watching several important economic indicators and data releases this week:
- Today, Japan will release its GDP index, and China will release its Consumer Price Index and Producer Price Index.
- On Tuesday, markets will look out for China’s Export and Import indices and the UK’s Income and Employment Rates, including bonuses and unemployment.
- On Wednesday, the UK will release its GDP and Industrial Production indices, China will release its new loans data, and the U.S. will release its Consumer Price Index and Crude Oil Inventory data.
- On Thursday, the European Central Bank will announce its interest rate decision, with expectations for a 25 basis point cut from 4.25% to 4.00%. Additionally, the U.S. will release its Producer Price Index and Jobless Claims data.
- Finally, on Friday, Japan and the Eurozone will release their Industrial Production indices, and the U.S. will release the Michigan Consumer Sentiment Index.
Technical Analysis:
EUR/USD
If the pivot point of 1.1088 for the euro against the dollar is broken, it may target support levels at 1.1020, 1.0958, and 1.0891. If the pivot point is exceeded, it may target resistance levels at 1.1150, 1.1216, and 1.1279.
GBP/USD
If the pivot point of 1.3148 for the British pound against the dollar is broken, it may target support levels at 1.3058, 1.2996, and 1.2906. If the pivot point is exceeded, it may target resistance levels at 1.3209, 1.3300, and 1.3360.
USD/JPY
If the pivot point of 143.73 for the yen against the dollar is broken, it may target support levels at 140.26, 138.29, and 134.82. If the pivot point is exceeded, it may target resistance levels at 145.70, 149.17, and 151.13.
XAU (Gold)
If the pivot point of 2540 for gold is broken, it may target support levels at 2514, 2501, and 2477. If the pivot point is exceeded, it may target resistance levels at 2552, 2577, and 2590.
BRENT (Crude Oil)
If the pivot point of 78.70 for crude oil is broken, it may target support levels at 76.80, 74.80, and 72.90. If the pivot point is exceeded, it may target resistance levels at 80.70, 82.60, and 84.60.
US30 (Dow Jones)
If the pivot point of 40,776 for the Dow Jones is broken, it may target support levels at 39,894, 39,382, and 38,500. If the pivot point is exceeded, it may target resistance levels at 41,288, 42,170, and 42,682.
Please note that this analysis is provided for informational purposes only and should not be considered as investment advice. All trading involves risk.
