The market sentiment is mixed. Let’s look at most interesting movements on the market today.
Euro zone factories struggle to meet surging demand in March
In the euro zone factories struggled to keep up with demand in March notwithstanding soaring activity at the fastest rate in almost six years, as a poll revealed. It also disclosed raising prices.
IHS Markit's fresh manufacturing Purchasing Managers' Index for the euro zone added to 56.2 in March, which is the highest value since April 2011, compared to February's 55.4. Obviously, it was in line with a flash estimate as well as far above the 50 mark, separating surge from contraction.
An index, estimating output and feeding into a composite PMI due on Wednesday, grew to a near six-year peak of 57.5 from 57.3. By the way, 57.2 was the flash estimate.
Financial analysts tell that euro zone manufacturing is definitely enjoying a sweet spell, though it’s also facing surging pains in the form of supply delays as well as ascending costs.
Additionally, the poll is also pointing out to the highest incidence of supplier delivery delays for almost six years, thus underscoring how suppliers are struggling just to meet ascending demand.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.