Tag Archives: EUR USD

Brazil Services Sector Shrinks At Record Pace On Covid-19 Disruption

Brazil’s service sector shrunk at the fastest pace in the survey’s 13-year history in March as businesses were shut and demand shrunk due to the coronavirus, or Covid-19, outbreak, survey data from IHS Markit showed on Friday. The headline seasonally adjusted IHS Markit Brazil Services Business Activity Index plummeted by nearly 16 points to 34.5 from 50.4 in February. A reading below 50 suggests contraction in activity. New work fell at the fastest pace since the survey began in March 2007, thanks to cancelled orders and business shutdowns. Export demand dropped at a rapid rate that exceeded the fall in total demand, mainly due to containment measures adopted globally to slow the spread of the Covid-19 pandemic. Employment fell at the fastest rate since October 2016, as businesses shed jobs in a bid to reduce operating costs amid shutdowns. Average costs increased sharply in March, but the overall rate of input price inflation was the slowest since last November. A strong US dollar and a corresponding increase in the price of imported items, pushed up purchasing costs. Charge inflation remained modest, but was the fastest in three months. Business confidence eroded sharply with expectations being the weakest since the survey…

*ISM U.S. Non-Manufacturing Index Drops To 52.5 In March

ISM U.S. Non-Manufacturing Index Drops To 52.5 In March The material has been provided by InstaForex Company – www.instaforex.com…

Pound Falls Sharply As U.K. Services PMI Shrinks To Record Low

The pound moved down against its major counterparts in the European session on Friday, as coronavirus cases exceeded one million worldwide and U.K. service sector activity slumped in March amid business shutdowns and order cancellations in response to the coronavirus pandemic. Survey data from IHS Markit/CIPS showed that the U.K. services PMI fell to 34.5 in March from 53.2 in February. This was also weaker than the flash estimate of 35.7. This reading was the lowest since the survey began in July 1996. The composite output index dropped to 36.0 in March from 53.0 in February. The flash score was 37.1. Weak Eurozone purchasing manager data rekindled recession concerns. The IHS Markit eurozone services purchasing managers index slumped to a reading of 26.4 in March from 52.6 in February, the worst-ever reading in the history of the series, as the covid-19 pandemic and associated measures taken to contain the outbreak through Europe weighed heavily on business performance. The pound fell to 132.95 against the yen, from a high of 134.09 set at 7:00 pm ET. The next likely support for the pound is seen around the 127.00 level. The latest survey from Jibun Bank showed that the services…

Spain Industrial Production Decline Slows In February

Spain’s industrial production fell at a softer pace in February, data from the statistical office INE showed on Friday. Industrial production declined a calendar adjusted 1.3 percent annually in February, following a 2.2 percent fall in January. Energy output had the biggest decline of 4.1 percent annually in February and non-durable consumer goods decreased 1.2 percent. Meanwhile, durable consumer goods remained unchanged. On an unadjusted basis, industrial output rose 0.1 percent in February, after a 3.8 percent decline in the preceding month. On a month-on-month basis, industrial production remained unchanged in February. The material has been provided by InstaForex Company – www.instaforex.com…

Japanese Yen Higher Amid Rising Risk Aversion

The Japanese yen climbed against its major counterparts in the Asian session on Friday amid rising risk aversion, as oil prices retraced gains and a private survey showed that China’s services sector contracted further in March. Survey data from IHS Markit showed that China’s services activity contracted in March due to the impact of the COVID-19 outbreak on demand and supply chains. The Caixin services Purchasing Managers’ Index rose to 43.0 in March from 26.5 in February. However, a score below 50 indicates contraction. Oil prices fell after soaring on Thursday following President Donald Trump’s comment that he expects Russia and Saudi Arabia to co-operate on output reduction. The United States reported a record 6.648 million jobless claims last week led by shut downs to contain the virus. Investors await the March payroll data due at 8:30 am ET. Economists are expecting a drop of 100,000 jobs last month, while the unemployment rate is seen rising to 3.8 percent. The number of confirmed coronavirus cases crossed the 1 million mark globally with a death toll of 53,030, according to the new tally from Johns Hopkins University. Around 1,015,403 people have been diagnosed with the novel coronavirus across the world….

Analysis for Gold 04.03.2020 – Watch for the potential breakout of the channel to confirm downside. Gold is at the major

Corona virus news:China seeks to lead amid talk of 10m potential global casesResidents of Wuhan, the Chinese city where the Covid-19 pandemic began, have been told to stay indoors and remain vigilant ahead of an easing of travel restrictions. Meanwhile, Beijing is stepping up a media campaign in the west to frame its handling of the disease as an example of global leadership. The country’s Covid-19 statistics have been called into question, but on Thursday China recorded just 31 new cases, 29 of them in people arriving from other countries.Technical analysis: Gold has been trading upwards.The price tested and rejected of the very important pivot level at $1.619, which is sign that there is potential for downside rotation.I found the upward channel that is active and the eventual breakout to the downside may confirm further drop towards the levels at $1.566 and $1.515. Selling opportunities will be preferable in case of the downside break.If you see the breakout of $1.620 level, watch for buying opportunities on the dips with the target at $1.643. Stochastic oscillator is showing overbought condition and potential for the downside movement.Intraday resistance level is set at the price of $1.619Support levels and downward targets are set at…

Hong Kong PMI Inches Higher In March – IHS Markit

Hong Kong’s private sector economy continued to contract in March, albeit at a slightly slower pace, the latest survey from IHS Markit showed on Friday with a PMI score of 34.9. That’s up from 33.1 in February although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction. Individually, new orders and exports both continued to fall sharply last month. Delivery times lengthened at the fastest rate in survey history, while job shedding accelerated as backlogs fell at a record rate. The material has been provided by InstaForex Company – www.instaforex.com…

Australia Construction Index Slides In March – AiG

The construction sector in Australia continued to contract in March, and at a faster rate, the latest survey from the Australian Industry Group showed on Friday with a seasonally adjusted Performance of Construction Index score of 37.9. That’s down from 42.7 and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction. It also marks the lowest index reading since May 2013. Across the four construction, the house building sector indicated modest growth for a fourth consecutive month. Contractions in the apartment and commercial construction sectors were steeper, while the contraction in engineering construction activity eased slightly in March. The material has been provided by InstaForex Company – www.instaforex.com…