The New York Fed's Manufacturing Index for November rose to 30.9 from 19.8 in October, larger than the expected rise to 21.6. The headline was boosted by a rise in the New Orders subindex to 28.8 from 24.3 (a promising sign for manufacturing activity in the coming months), a jump in the Prices Paid subindex to 83.0 from 78.7 and a jump in the Employment subindex to 26.0 from 17.1 (a record high). The only negative spot was a decline in the six-month business conditions subindex to 36.9 from 52. FX markets did not see any notable reaction to the data.
Additional Takeaways
"Forty-three percent of respondents reported that conditions had improved over the month, while 12 percent reported that conditions had worsened."
"The delivery times index came in at 32.2, indicating significantly longer delivery times."
"The prices paid index edged up four points to 83.0, and the prices received index moved up seven points to a record high of 50.8, signaling ongoing substantial increases in both input prices and selling prices."
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
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Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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