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Several economies in the Eurozone reported a better figure for each of their manufacturing PMIs for the month of July. Namely, Spain, Italy, France, and most especially Germany is expected to lift the single currency against the greenback near-term. German’s figure came in at 51.0, better than both last month and against Wall Street expectations at 45.2 and 50.0, respectively. Notably, the US also saw better Manufacturing PMI for the same comparison, which came in at 54.2 for the month of July against the expected 53.6 and the previous 52.6 figures. But this wouldn’t be enough as the US continues to suffer a long-term weakness. The Congress and the White House are struggling to reach a new stimulus package to make up for expiring unemployment payments previously believed to last until the first half of 2020, and this is expected to pull the dollar down until both parties reach a definable consensus.
The euro currency is prepped to become the best performing currency for the day after it reported several consecutive highs for several manufacturing PMI figures for the month of July, signaling a much better-than-expected economy after its steep fall earlier this year. Germany, the bloc’s largest economy, saw a 51.0 figure this month, higher than market expectations of 50.0 and June’s record of 52.0. Italy, France, and Spain also saw a point higher than expected for the same figure at 51.9, 52.4, and 53.5, respectively. Meanwhile, Retail Sales in Australia is expected to plunge from 16.9% in June to 2.4% in July. Australia is also in danger of a steeper fall for the figure as its Victoria state slams large parts of its economy down to close. Investors are watching out for Australia’s most populous state’s worrying statistics as coronavirus cases take over as hundreds of new infections keep showing up on a daily basis.
Switzerland reported a better-than-expected decline for its CPI figure for the month of July. In a monthly comparison, the economy reported a 0.2% decline instead of the 0.4% expected prior. Moreover, the yearly comparison was better than expected at -0.9% instead of the expected -1.1% figure. However, the monthly figure is still notably lower than the previous level. In June of this year, the economy saw a 0.0% CPI figure. Despite the good news, the figure weakens the Swiss franc, even as Australia’s retail sales are expected to fall to 2.4% in the month of June against July’s 16.9% figure. Quarterly retail sales figures in Australia is also a long-awaited figure, although it wouldn’t affect much change for the pair because of the coronavirus. The Australian dollar’s increase will be led by increasing hopes that the Reserve Bank of Australia will retain its interest rates at its record low of 0.25% after its monetary policy meeting tomorrow.
Russia’s central bank cut its interest rates down to a record low to 4.25% last week with an expectation to cut its rates even lower throughout 2020. The news is expected to push its currency lower than other major currency counterparts, most especially the Euro after the bloc reported several positive figures for its manufacturing sector. Russia’s Markit Manufacturing PMI also lowered for the month of July at 48.4 against the previous month, which came in at 49.4 in June. Meanwhile, the biggest economies in the eurozone region are all seeing green against expectations and previous records after multiple stimulus packages and good news from the most recent Eurobond agreement: Spain, Italy, France, and Germany all saw better Manufacturing PMI for the month of July. The largest manufacturing economy in the region has seen higher Manufacturing PMI than in June at 51.0 in comparison to 45.2 in June.
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