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<p>USD</p><ul><li>The Fed <a href="https://www.forexlive.com/centralbank/federal-reserve-interest-rate-decision-no-change-20231101/">left interest rates unchanged</a> as expected at the last meeting with basically no change to the statement.</li><li><a href="https://www.forexlive.com

<ul><li>Prior 49.5</li><li>Composite PMI 50.7 vs 50.1 prelim</li><li>Prior 48.7</li></ul><p>That's a decent improvement in overall business activity, with it expanding for the first time since July. There were slight rises in new work and employment, so that's a positive. However, pric

<p>Let's keep this one short. The first key takeaway is that we're finally starting to see cracks in the labour market as the economic slowdown continues. The downturn in the euro area economy may not be worsening but evidently it is still taking a toll on the jobs market, as employment conditions were seen falling […]

<ul><li>Median expectations for inflation over the next 12 months seen at 4.0% (unchanged)</li><li>Median expectations for inflation over the next 3 years seen at 2.5% (unchanged)</li><li>Economic growth expectations for the next 12 months seen at -1.3% (previously 1.2%)</li></ul><p>In any case,

<ul><li>Prior 47.8</li><li>Composite PMI 47.6 vs 47.1 prelim</li><li>Prior 46.5</li></ul><p>The downturn in the euro area economy extends to a sixth month in a row now but at least it is seen easing in November. That being said, we're finally starting to see cracks in the labour market as e

<ul><li>Prior 48.2</li><li>Composite PMI 47.8 vs 47.1 prelim</li><li>Prior 45.9</li></ul><p>That's a decent revision higher, which shows that the German services sector just marginally contracted last month. This comes as the downturn in new businesses are seen easing. However, wage pressur

<ul><li>Prior 45.2</li><li>Composite PMI 44.6 vs 44.5 prelim</li><li>Prior 44.6</li></ul><p>Demand conditions continue to falter and put a drag on France's services sector, as new orders slumped at its quickest pace in three years. Employment conditions also suffered amid the economic drag,

<ul><li>Prior 47.7</li><li>Composite PMI 48.1</li><li>Prior 47.0</li></ul><p>The contraction in the services sector eases in November but the main thing to note is that inflation pressures are flaring up again. Firms signaled a steeper rise in operating costs and passed that on to consumers thro

<p>It's now 23 bps (~93%) priced in for a rate cut June 2024, as traders are aggressively pricing in faster moves by major central banks over the last two weeks. Once again, I'd just want to reiterate that if there is going to be any readjustment to the pricing we're seeing, it is going to […]

<ul><li>Prior 51.1</li></ul><p>Overall activity rises in Spain's services sector, albeit marginally. However, the more important detail is that price pressures are seen ticking higher as output charge inflation rises to a five-month high. Considering what markets are pricing in for the ECB, this particular point i