PREVIOUS TRADING DAY EVENTS 05 June 2023

Announcements   

The U.S. Institute for Supply Management ISM services PMI fell sharply to 50.3 against expectations of a slight increase to 52.6. Tight credit conditions, pandemic savings and the U.S. banking crisis are finally hitting the services sector.

PMIs reading above 50 indicates growth in the services industry, which accounts for more than twothirds of the economy. The latest figure is just over 50 and is a figure that shows weakness rather than improvement, raising fears and risks of a recession.

There have been 500 basis points worth of interest rate increases from the Fed since March 2022 and the U.S. have been indeed experiencing lower inflation. Lower business activity is expected and it is good news for the U.S. central banks efforts to bring inflation down to its 2 target. Services prices tend to be stickier and less responsive to rate hikes.

Momentum had been very strong in the services sector since the reopening process began, but the sector is clearly cooling down now, Thomas Simons, U.S. economist at Jefferies, wrote in a note.

Sources

httpswww.reuters.commarketsususservicessectorslowsmaypricespaidgaugefallsthreeyearlowismsurvey20230605

Summary Daily Moves Winners vs Losers 05 June 2023

USDCHF reached the top alongside EURGBP yesterday with 0.38 gains each.
The month finds AUDJPY at the top so far, having a 2.09 price change.

News Reports Monitor   Sunday 04 June 2023

OPECJMMC meetings…