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PMI Day; Eurozone Growth Remains Strong

Published July 24, 2018
  • The Canadian dollar fell slightly against the greenback this morning. Concerns about excess oil supply appear to be dominating, while growing tensions between the United States and Iran and evidence of solid domestic economic growth in Canada are having less of an impact on sentiment. At the time of writing, USD/CAD is 1.3149.
  • President Donald Trump would agree to an interview with Special Counsel Robert Mueller’s investigators as long as the questions are limited solely to whether his campaign colluded with Russia in the run-up to the 2016 election.
  • Japan’s manufacturing sector lost steam, with the Nikkei PMI for manufacturers coming in at 51.6, the lowest since November 2016. In Europe, protectionism is starting to weigh on output, with survey respondents reporting rising prices for raw materials and delivery delays; IHS Markit’s composite PMI for the euro area sat at 54.3.
  • Chinese financial markets are rising in the wake of government moves to stimulate the economy. The offshore yuan continued to slide, trading at 6.4 to the dollar, its weakest level in more than year, in the wake of a record injection of funding to lenders by the People’s Bank of China.
  • The euro headed towards a two-week high on Tuesday against the greenback after surveys showed euro zone business growth remained robust, although fears of a trade war with the United States kept the single currency trapped in narrow ranges. The euro rebounded from early lows after IHS Markit’s Euro Zone Composite Flash Purchasing Managers’ Index dipped slightly in July to 54.3.