ISM to Unveil the November Non-Manufacturing PMI of the US

The Non-Manufacturing Purchasing Managers Index of November will be released by the Institute for Supply Management today at 15:00 GMT. Market participants who are dealing with the business sector are recommended to be vigilant about the announcement of this indicator. Besides that, it is high-importance news. Top economists have expected it to be 55.6. Following this, they also forecast a positive effect on the American currency. If the indicator surpasses 50, dollar quotes are believed to trade in a better way.

The indicator is known to depict the service sector activity of the country. The representatives of around 400 companies are seen participating in this survey. Both public and private enterprises are taking part in the determination of this indicator. When it was announced by ISM on 3rd Nov 2022 at 14:00 GMT, it stood at 54.4 instead of the anticipated reading of 56.8. Anyhow, the non-manufacturing sector economy was seen to be prospering, since the readings are above 50.

Market participants are suggested to be updated about the changes in the indicator because this survey provides insights into the overall conditions of the US economy. It will be typically bullish for the dollar quotes if the indicator is higher than expected. Meanwhile, the currency will be bearish, when the reading is lower than the predictions.

Retail Sales of the European Union was published today

This high-importance news from the Eurozone has to be considered seriously by the market participants who are trading in Euro. It will be published by Eurostat today at 10:00 GMT. Top economists are expecting it to be -0.6%. The indicator will show the variation in the retail sales of the Eurozone for October month. Since it is used to measure Eurozone inflation, the index is sometimes known as the consumer spending indicator. Moreover, when there is growth in readings, it will have a favourable impact on euro quotations.

When it was released on 8th Nov 2022 at 10:00 GMT, it stood at 0.4% in place of the anticipated 0.3%. Though retail sales fell 0.6% every year, Eurostat reported that in 19 eurozone nations, it had gained 0.4% month in month. Aftermath the invasion of Russia on Ukraine, there has been a drastic rise in the oil cost. So there are concerns that the Eurozone could enter into a recession in the approaching months because of this cause. Hence, the change in retail sales is very crucial to the market participant, as the indicator is viewed as a solid indicator of consumer demand.