Morning Market Review
EUR is stable against USD during today's Asian session, consolidating near local highs (1.1088), updated the day before, when the instrument managed to show steady growth. The positive dynamics of the instrument was facilitated by strong data on business activity in Europe, as well as positive statistics from China, which somewhat eased concerns about a further slowdown in the global economy. Manufacturing PMI of the euro area in November rose from 46.6 to 46.9 points with a neutral forecast. German Manufacturing PMI in November rose from 43.8 to 44.1 points, which also turned out to be better than market expectations. Today, investors are awaiting the publication of European Producer Price Indices for October and a speech by ECB representative Benoit Coeure.
GBP shows flat dynamics during today's Asian session, being located near its local highs, updated the day before. The growth of the instrument is facilitated by macroeconomic statistics released on Monday. Markit Manufacturing PMI in the UK in November rose from 48.3 to 48.9 points, which turned out to be better than the neutral forecast. At the same time, US data turned out worse than expected. ISM Manufacturing PMI in November declined from 48.3 to 48.1 points with the forecast of growth to 49.2 points. ISM Manufacturing Prices in November rose from 45.5 to 46.7 points, not reaching the forecast of 47 points.
AUD is showing strong growth during today's Asian session, adding about 0.22%. The instrument is supported by the RBA decision on the interest rate. As expected, the regulator did not change the parameters of monetary policy, maintaining the rate at 0.75%. AUD is also supported by strong data from China and the rather vulnerable position of USD, which is again under pressure from uncertain prospects. The day before, Donald trump introduced import duties on steel and aluminum from Brazil and Argentina, and also made harsh criticism of the Fed, urging to adjust the high exchange rate of the national currency.
USD is correcting against JPY during today's Asian session, gaining about 0.23%. The growth of the instrument replaced the confident correction yesterday, as a result of which the dollar retreated from the local highs of May 30. Contradictory macroeconomic statistics published in the USA continue to exert pressure on the pair. Markit Manufacturing PMI rose from 52.2 to 52.6 points in November with a neutral forecast. ISM Manufacturing PMI in November declined from 48.3 to 48.1 points with the forecast of growth to 49.2 points.
Gold prices are stable during today's Asian session and are located near the opening level of 1463.84. The instrument is supported by weak macroeconomic statistics from the USA, as well as the continuing uncertainty surrounding US-Chinese trade relations. The PRC took retaliatory sanctions against the American Human Rights Watch, which actively supports civil protests in Hong Kong. In addition, Beijing has banned the mooring of US ships in Hong Kong. It is highly likely that the parties will not be able to resume full-scale trade negotiations before the end of this year. In December, markets also fear a possible increase in import duties on Chinese goods, which could offset all the progress already achieved in the negotiations.