Fundamental Analysis – 24/11/2015

Good Morning,

Germany Markit Manufacturing PMI above forecasts (52) in November: Actual (52.6). France Nov Preliminary Manufacturing PMI (miss): 50.8 v 50.8e; Services PMI: 51.2 v 52.5e; Composite PMI: 51.3 v 52.5e. GBPUSD dipped 31 points to trade at 1.5129 after USD rallied ahead of the holiday weekend. EURGBP gained a few points but remained more or less stable paying very little attention to better than expected PMI data today. USDCHF is trading at 1.0204 while EURUSD is trading at 1.0603.

OPEC is producing more than its 30 million bpd quota for the 16th consecutive month trying to protect its share of the world oil market. Gold slipped for a second straight session on Monday, trading near a six year low, on growing expectations the Federal Reserve would hike interest rates next month. USDCAD soared 69 points to trade at 1.3377 its highest level in quite some time as the greenback continued to gain breaking the 100 price. EURCAD is trading at 1.4179 while EURGBP is trading at 0.7008.

Asian shares held steady to higher on Monday with Tokyo shut for a holiday and no major regional data lined up. EURJPY started the new week at 130.45 flat with Japanese markets closed for a domestic holiday. Kiwi Dollar is being dragged down as the market focuses on the possible “underpriced” expectations of an RBNZ rate cut in a few weeks. AUDUSD tumbled 61 points to 0.7182 offsetting a great deal of last week’s rally, as USD climbed and growth in China sparked worries in the markets. GBPCHF is trading at 1.5435 while EURCHF is trading at 1.0822.

Daily Performances (04.00 am. GMT); 

I hope you all have a nice day.

All the figures are as at the writing time.