Source: IHS Markit The Eurozone economy continued its recovery, with the Composite Output Index hitting a 15-year year high of 59.5 in June, from 57.1 in May. EURUSD is up +0.01%, DAX is down -0.036%. The composite output in June was the fourth consecutive month the index has hit the 50.0 markThe jump in output index reflected growth in manufacturing output and an … [Read more...] about Eurozone Recoveries Pushes Composite Output Index to a 15-Year High
Forex News
UK Service Sector Maintains Recovery but Slows from May’s Record High
Source: IHS Markit Service activity in the UK maintained a robust expansion in June, with the activity index hitting 62.4, slightly below a 24-year high of 62.9 in May. FTSE 100 is up +0.60%, GBPUSD is up +0.11%. The service sector in June was the second-highest since October 2013 and exceeded the month’s flash reading of 61.7The service index reading in the second … [Read more...] about UK Service Sector Maintains Recovery but Slows from May’s Record High
Oil Shows Less Signs of Slowing Down Above $75 bbl Amid OPEC+ Impasse
Source: Markets Insider Oil investors are holding its price above $75 a barrel as they adopt a wait-and-see attitude on OPEC+ intervention, solving output differences between the UAE and Saudi Arabia. CL1! Is up +0.19%. Fresh talks are due on Monday after OPEC+ members last week failed to reach an output agreement for 2021.Most OPEC+ members are pushing for a slow output … [Read more...] about Oil Shows Less Signs of Slowing Down Above $75 bbl Amid OPEC+ Impasse
Lagging Business Activity Slowdown Growth of China’s Services Sector
Source: Caixin. China’s Caixin Services Purchasing Managers’ Index (PMI) June dropped to 50.3, the lowest level in the last 14 months. CSI 300 Index gains +0.062%. The recent Caixin Services PMI was 4.8% lower than the reading in May and the lowest figure in 14 months.The scattered COVID-19 outbreaks in Guangdong Province was responsible for the decline in the volume of … [Read more...] about Lagging Business Activity Slowdown Growth of China’s Services Sector
Global Central Banks Bet on China’s Recovery with Record Holdings of the Yuan
Source: Yicai Global Holdings of the Chinese yuan as a share of global foreign exchange reserves rose to 2.5% in the first quarter, the highest level since the fourth quarter of 2016. USDCNY is down -0.01%. Yuan reserves by global central banks rose by 6.7% to $287.5 billion in the first quarter from the previous one, the ninth consecutive increase.The rise in yuan … [Read more...] about Global Central Banks Bet on China’s Recovery with Record Holdings of the Yuan
