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Abstract：Statistics show Germany’s manufacturing PMI in December reached 43.4, less than the expected 44.6. Overall, manufacturing PMI of the whole Eurozone sat at 45.9, a decrease from the previous 46.9 and lower than the expected 47.3. The protest that broke out in France recently is also worrying.
Statistics show Germanys manufacturing PMI in December reached 43.4, less than the expected 44.6. Overall, manufacturing PMI of the whole Eurozone sat at 45.9, a decrease from the previous 46.9 and lower than the expected 47.3. The protest that broke out in France recently is also worrying.
Throughout 2019, the global banking industry have experienced a significant slump as several major banks, especially those in Europe, launched laid-off campaigns. Eurozone economy continue to struggle, which made investors concerned. All these indicate activities of Eurozones manufacturing and service sector are again slowing down. Fitch, an international rating agency, recently issued a report warning that the Eurozone is falling into a vicious cycle of low growth and high debt, which may trigger a series of downgrades of government bonds.
From a technical perspective for EUR/USD, whether the weekly moving average will close above the 1.12 level will be critical. If not, the euros down-slope trend may continue.
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Britain has officially left the European Union on January 31st , 2020, and will soon start negotiations with the European Union regarding bilateral relations in the future. It is believed that Brexit will cause negative impacts on the European Union in multiple aspects.
Latest statistics show Australia’s annualized CPI from Q4, 2019 to be 1.8%, lower than the central bank’s 2%-3% long term target range, which the inflation fails to reach ever since 2017.
British general election at the end of 2019 was conducted against a sluggish economy. Latest statistics show that Britain’s economy growth is stagnant and the once strong labor market has weakened. In the first half of 2020, the pound will need to navigate through the domestic economy, central bank policies and the crucial March budget. In addition, the Brexit negotiation is still in its preliminary stage, whether a free trade agreement can be successfully concluded will also be critical.
As the G10 currency that performed the best in 2019, Canadian dollar may see a rather smooth horizontal trend this year partly because weakening domestic economy, and partly because the positive influence of easing trade tensions has been fading. CAD rose 5% against the USD in 2019, with nearly half of the increase gained in the last few weeks, benefiting as several other currencies from a reduce of risk factors at the end of 2019.
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