Summary:
The S&P Global US Composite PMI rose to 53.5 in April 2023, up from 52.3 in the previous month, to signal the quickest upturn in business activity since May 2022.
The U.S. figures released on Friday somewhat defy recession fears, pulling
gold prices down 1.4% and underpinning the dollar.
The S&P Global US Composite PMI rose to 53.5 in April 2023, up from 52.3 in the previous month, to signal the quickest upturn in business activity since May 2022.
That only adds to economic uncertainty, so investors now have more doubts whether a 25bp hike in May will mark the end of tightening cycle.
As Fed officials signaled refusal to throw in the towel, gold recorded its worst weekly performance in eight weeks.
Oil steadied after plunging by 2% as investors weighed mixed data. Indian refiners' Crude Oil processing stayed near record peaks in March, similar to what was happening in China.
U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes.
However, crude oil production in the Permian will rise to a record 5.693m barrels per day in May, according to EIA.
The dollar saw its first weekly gain in two months though China and Europe’s improving data capped its rally.
Eurozone aggregate PMI data from S&P came in higher than expected in April (54.4 vs. 53.7), led by increased activity in the services sector.
Japan's consumer prices rose 3.1 percent in March, matching last month's figure and roughly in line with expectations, which may prompt the BOJ to consider acting.
But it is unlikely that Ueda, on his debut, will bin Kuroda’s super-loose policy this week given his cautious tone earlier this month.
Sterling reached its highest since October 2021 after Trump announced new tariffs on Japan, South Korea, and others, effective August 1.
2025-07-08
The Australian dollar steadies as the RBA eyes more rate cuts and trade tensions loom, keeping the AUD trend sensitive to global policy shifts.
2025-07-07
Tesla shares plunged 6% on 1 July amid political tensions and delivery concerns. The volatility highlights ongoing challenges facing the EV giant.
2025-07-07
