The market sentiment improved amid the slowdown in virus cases. Let's have a closer look at the AUD, S&P 500, gold and the GBP.
In August British manufacturing PMI suddenly picks up pace
In August, manufacturing activity in Great Britain suddenly edged up, reaching a four-month maximum and spurring optimism over the UK economy, as industry data revealed on Tuesday.
According to a newly-issued report, market research group IHS Markit states that the previous month its British manufacturing PMI went up to a seasonally adjusted 56.9 from an outcome of 55.3 in July that was updated from an original 55.1.
Financial experts had expected the PMI to go down to 55.0.
On the index, a result higher 50.0 stands for industry expansion. On the contrary, if it’s below, it indicates contraction.
Aside from that IHS Markit stressed that the improvement took place because of a strengthening of fresh order inflows. Moreover, a broad-based expansion was observed across all product categories.
The research group also stressed that input price inflation inched up for the first time for seven months.
The RBA will make a rate statement on August 4 at 7:30 MT time.
The overall market sentiment is mixed as new virus cases continue rising throughout the world, but most economic indicators came out better than analysts expected. Let’s look at the main market movements.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…