Global PMIs Rebound as Navarro Scares Market
Across the board, UK PMI figures highlighted a recovering economy as the results beat forecasts. Manufacturing returned to expansion territory at 50.1 whilst the Services and Composite figure are approaching expansion. The Pound improved slightly throughout the day’s trading but overall the market saw the improving global PMI readings as positive. GBP/SGD pair is trading at 1.74 mark.
The Dollar extended its decline yesterday to 96.5 (DXY) amid a boost of risk appetite brought on by a clarification from the White House that the China-US trade deal was still on. White House trade adviser Peter Navarro sent markets reeling mentioning that the Trade Deal was “over”, this was later clarified as “being taken out of context” and clarified by Trump and the White House. PMIs came out mixed as Composite and Services missed their forecasts while Manufacturing beat forecast at 49.6. USD/SGD is currently on downwards trend and trading at 1.388 mark.
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