Bullet Report: Find Out Why GBP Is Poised For Big Moves Today

In the Asian session today, China manufacturing PMI data showed an increase of 50.4 versus an expectation of 49.9 which is the highest level since October 2014. It helped the AUD/USD trade higher at 0.7450 right after the data was released. Gold prices dipped to a fresh 2 month low at 1304 after US ADP jobs report. Looking ahead, UK will release Manufacturing PMI at GMT 08:30, US will also release ISM Manufacturing PMI and Unemployment Claims.

Currencies: The Sterling is clinging to earlier gains against the greenback on Thursday sending GBP/USD back to the 1.3140 area. Expect a big impact on the Cable with UK’s Manufacturing PMI due later. Market consensus is expecting an improvement to 49.0 for the month of August, looking to revert July’s drop to 48.2

Stocks: Australia’s ASX 200 index closed down 17.43 points, or 0.32% at 5,415.60, with the energy sector down 1.64% and the materials sector down 1.65%. In Japan, the Nikkei 225 edged up 39.44 points, or 0.23%, to 16,926.84.

Oil and Gold: Crude oil prices declined dramatically after crude inventories data showed 2.3 million barrels increased which is much higher than the expectation of 1.1 million. U.S. crude futures rose 24 cents to $44.94 a barrel, after falling $1.65, or 3.6%, in the previous session. Gold prices stalled after losses to the $1303.62 area. A daily close below this price opens the door for a test of the $1287.29 level.

The post Bullet Report: Find Out Why GBP Is Poised For Big Moves Today appeared first on Forex.Info.

Source:: Bullet Report: Find Out Why GBP Is Poised For Big Moves Today

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