“AUD Inflation Gauge, NZD ANZ Commodity Prices & Fed Chair Powell Speeches; Various Global Market Services PMI and Trade Balance Reports Release”
The Australian dollar (AUD) on Mon Feb 5 showed signs of positive momentum, as the MI Inflation Gauge m/m rose to 0.3% against predictions of 1.0%. Further, AUD ANZ Job Advertisements increased by 1.7%, exceeding the forecasted growth of 0.6%. In the meantime, the country’s Goods trade balance moved up to 10.96B.
New Zealand’s (NZD) ANZ Commodity Prices also showed an uptick and the country’s economy may likely benefit from these improved figures. The US Dollar (USD) held its position, awaiting US Federal Reserve Chair, Jerome Powell’s speech.
In China (CNY), the Caixin Services PMI outperformed expectations, indicating the service sector’s resilience despite ongoing pandemic-related disruptions.
In the Eurozone, despite significant variations between countries, the overall Final Services PMI held steady. Germany’s Trade Balance improved to 22.2B, providing a hopeful sign for the country’s economic recovery.
Despite challenges in the service sector noted by the Final Services PMIs, notable resilience can be seen specifically in the U.K., where the Final Services PMI hit 53.8. However, Eurozone’s Sentix Investor Confidence index fell to -15, reflecting investors’ pessimistic outlook.
Investors will be closely watching the USD Final Services PMI and the ISM Services PMI figures later today to discern any new trends or momentum in the US economy.
In summary, global economies show mixed results, as they grapple with the ongoing challenges of COVID-19, but hopeful signs of resilience can be found in various sectors. Future outlook will largely depend on the effectiveness of pandemic containment measures and economic relief packages.
