investingLive European FX news wrap: Awaiting the US PMIs and more Fedspeak ...Middle East

BoE's Pill: We have seen more lasting changes to price and wage setting in UKUK September CBI trends total orders -27 vs -30 expectedAre capital flows really moving away from the US this year?BoE's Pill: I wanted to keep QT at £100 billion in BoE vote last weekGold catches bids again in European morning tradeUK September flash services PMI 51.9 vs 53.5 expectedEurozone September flash services PMI 51.4 vs 50.5 expectedGermany September flash manufacturing PMI 48.5 vs 50.0 expectedFrance September flash services PMI 48.9 vs 49.6 expectedWhat are the main events for today?Gold looks poised to close out September in styleFX option expiries for 23 September 10am New York cut

It's been a pretty slow session with just a few economic reports and limited newsflow. The main highlights were the Flash PMIs for Eurozone and the UK. The Eurozone PMIs were good, especially on the services side. HCOB wrote: "eurozone is still on a growth path. Manufacturing output has increased for the seventh month in a row, and business activity in the services sector has been expanding almost continuously since February 2024."

The UK PMIs, on the other hand, missed expectations across the board and were followed by a more downbeat assessment. S&P Global noted "September’s flash UK PMI survey brought a litany of worrying news including weakening growth, slumping overseas trade, worsening business confidence and further steep job losses. The only good news is perhaps that, just as the Bank of England grows increasingly worried about persistently elevated inflation, the PMI indicated that price pressures have moderated in September."

In the FX market, the reaction to the PMIs was relatively muted given that the ECB and BoE are now more focused on inflation. Nonetheless, the US dollar remained on the backfoot even though the changes were negligible. The focus remains on the US PMIs today, the US Jobless Claims on Thursday and the Fedspeak throughout the week, including Fed Chair Powell today.

In other markets, US equities are mostly flat and have been trading sideways since yesterday's close. US Treasuries have been consolidating since the last US Jobless Claims report as traders await more data. Bitcoin is ranging above the key $112,000 level after yesterday's selloff. And gold made yet another all-time high reaching the $3,791 level before pulling back a bit.

This article was written by Giuseppe Dellamotta at investinglive.com.

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