SPAIN DATA: Manufacturing PMI Sees Mild Downturn as Demand Weakness Prevails
Jul-03 07:28
SPAIN JUN MANUF PMI 48.0 (FCST 47.9); MAY 48.4
- The Spanish manufacturing PMI weakened by 0.4 points to 48.0 in June, marking the third consecutive month of contraction in the Spanish manufacturing sector.
- The decline was largely underpinned by weakening demand, with New Orders falling at the sharpest pace since January.
- On the price front, input prices declined at the fastest rate in over three years, reflecting the weak demand environment and implying a further decline in factory-gate inflation.
- Lower production levels were met with the first reduction in employment levels since November 2022. Yet this reduction was only marginal.
- The downturn is expected to be modest, with Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, stating: "In Spain, there are signs of a mild recession for the manufacturing sector, or perhaps just stagnation".
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US: President Biden To Deliver Remarks On Debt Limit Legislation
Jun-02 22:58
US President Joe Biden is shortly due to deliver remarks on legislation passed the United States Senate yesterday to suspend the federal government debt ceiling until 2025.
- Livestream of Biden's remarks: https://www.whitehouse.gov/live/
- For more analysis on the debt ceiling bill see today's edition of our MNI US Daily Brief.
- Biden said in a statement yesterday: "Tonight, Senators from both parties voted to protect the hard-earned economic progress we have made and prevent a first-ever default by the United States. Together, they demonstrated once more that America is a nation that pays its bills and meets its obligations, and always will be... No one gets everything they want in a negotiation, but make no mistake: this bipartisan agreement is a big win for our economy and the American people."
MNI: TREASURY GENERAL ACCOUNT $22.9B JUNE 1 VS $48.5B PREV DAY
Jun-02 20:00
- MNI: TREASURY GENERAL ACCOUNT $22.9B JUNE 1 VS $48.5B PREV DAY
USDCAD TECHS: Reversal Lower Extends
Jun-02 20:00
- RES 4: 1.3730 76.4% retracement of the Mar 10 - Apr 14 low
- RES 3: 1.3695 High Mar 28
- RES 2: 1.3668 High Apr 28 and key resistance
- RES 1: 1.3533 20-day EMA
- PRICE: 1.3438 @ 16:14 BST Jun 2
- SUP 1: 1.3407/04 Low Jun 02 / May 16
- SUP 2: 1.3363 Low May 11
- SUP 3: 1.3315 Low May 8
- SUP 4: 1.3302 Low Apr 14 and a key near-term support
USDCAD traded lower Thursday as it extended the reversal from the May 26 high of 1.3655. The pair is weaker again today. The move lower is considered corrective, however, the impulsive nature of the sell-off signals scope for a deeper pullback. The next support to watch is 1.3404, the May 16 low. A break of this level would expose 1.3315, the May 8 low. On the upside, initial resistance is at 1.3533, the 20-day EMA.
