The is trading just below a key level of 104 today as investors await the afternoon release of PMI data that could influence the currency’s strength. The anticipated reports are expected to reveal a slight downturn in both the Manufacturing and Services sectors, with forecasts predicting figures of 49.8 and 50.4, respectively. A dip below the critical threshold of 50 would mark a contrast to Europe’s already sub-50 PMIs and may put additional pressure on the dollar.
Global equity markets are showing mixed reactions as trading resumes following the Thanksgiving holiday. In Asia, Japan’s stock market rose modestly by half a percent, while China’s fell sharply, nearing a two percent drop. European stocks are showing uncertainty in mid-session trading, and US futures have held steady, indicating a calm re-entry into market activities after the holiday pause.
Market participants are also eyeing significant events slated for next Thursday, which include COP28 in Dubai and OPEC+’s discussions regarding potential oil output cuts. These events could trigger volatility across various markets.
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