Source: Philadelphia Fed US level of non-manufacturing rose for the second straight month in November, with the diffusion index gauging current general activity up by 13 points to 47.0. SPY is down -0.11%, DXY is up +0.03%. 55% of firms reported an increase in the general activity, against 8% which reported declines.New orders index increased by 5 points to 19.2 in … [Read more...] about US Non-Manufacturing Sector Improves as Diffusion Index Rises by 13 Points in Nov.
Forex News
Lira Breaches Psychological Barrier in Weekly Plunge on Erdogan’s Rate Cuts
Source: CNBC Turkey’s lira traded beyond 12.9 to the dollar on Tuesday, above 11, which is considered the “psychological” barrier to the greenback. USDTRY is up +14.04%. Ultra-low trading of the lira to the dollar was triggered by continued interest rate cuts by Turkish President Recep Tayyip Erdogan amid high inflation, which is now almost 20%.Erdogan has labeled the … [Read more...] about Lira Breaches Psychological Barrier in Weekly Plunge on Erdogan’s Rate Cuts
Eurozone Economic Growth Expanded in November as Prices Soared
Source: IHS Markit Eurozone business growth unexpectedly grew this month as consumers beat off another wave of COVID-19 infections and new restrictions as price pressures rose again. Euro Stoxx 50 down -0.93%, EUR USD up +0.25% IHS Markit’s Flash Composite Purchasing Managers’ Index rose to 55.8 in November from 54.2 in October.Chris Williamson, a chief business economist … [Read more...] about Eurozone Economic Growth Expanded in November as Prices Soared
Consumer Confidence Drops in the Euro Area and EU in November
Source: European Commission The consumer confidence indicator edged 2.0 points lower in the euro area and further 2.1 points down in the EU in November from October. DAX is down -0.012%, EURUSD is down -0.26%. Consumer confidence now stands at -6.8 points in the euro area and -8.2 points in the EU. The consumer confidence indicator is below or close to the pre-pandemic … [Read more...] about Consumer Confidence Drops in the Euro Area and EU in November
President Joe Biden Nominates Powell for a Second Term as Fed Chair
Source: FT. Joe Biden has nominated Jay Powell to continue serving for a second term as chair of the Federal Reserve, choosing continuity as the US economy struggles with high inflation.DXY up +0.25%, EUR USD down 0.19% Lael Brainard, who is seen as Powell’s biggest competitor for the top position, was nominated for the role of vice-chair.Biden stated that Powell and … [Read more...] about President Joe Biden Nominates Powell for a Second Term as Fed Chair
