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US service PMI expands at its fastest in a year

by onlinecitizen
06/10/2016
in Economics
Reading Time: 2 mins read
0

By Margaret Yang, CMC Markets

Better-than-expected US Non-Manufacturing PMI boosts confidence

The US PMI survey number climbed to 57.1, the highest reading since Nov 2015 and also far surpassing consensus forecast of 53.0. A strong Service PMI indicated that business conditions, like prices, employment, production and new orders, are better than expected. Furthermore, this fact will continue to increase the likelihood of a Fed rate hike in their upcoming meetings in Nov and Dec.

US equities closed half a per cent higher, recovering from yesterday’s losses. The US dollar Index edged higher to 96.13, nearing to a two-month high. USD/JPY jumped to a one-month high of 103.46, which is also a key resistance level. GBP/USD found some support at around 1.2730 area after hitting a three-decade low on the back of worries that stems from a possible “Hard Brexit”.

Gold and silver stabilizes

Despite a stronger USD, prices of gold and silver stabilised after significant falls on Wednesday. A Doji pattern has been found in both gold and silver’s daily charts, signaling the market is hesitatant to go with either direction. Investors can take note that the plunge in precious metal prices happened during China National Day holiday, during which China markets were closed for trading. In addition, the sentiment may change once the world’s biggest gold consuming market resumes trading on 10th Oct, next Monday.

Oil extended gains as inventory drops

Crude oil prices extended gains for the sixth consecutive day following the US DoE inventory number, which dropped 2.79 million barrels over the last week. The inventory reading has dropped for five consecutive weeks, totaling 26 million barrels of crude oil inventory being erased from the book. That is really encouraging news for oil prices and recovery in oil prices will likely to support the oil & gas stocks and the energy sector.

Crude Oil West Texas Nov 2016

cmc-commentary

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