Fundamental analysis for November 24, 2015

November 24, 2015

The November Germany manufacturing sector business climate report has been published by Markit Economics. The data output was at the level of 52.00 which indicates the moderately positive dynamics and shall give a short-term support for the single European currency. The employment and average earnings growth with the interest rates reduction on 30-year mortgages allowed banks to increase the mortgage lending in October. In this connection, the data is expected to be a little better than the forecasted medians, the data came out at the level 52,6. It is impossible to ignore the ECB President Mario Draghi’s speech last week. The ECB governor told: "We'll do everything we need to do for the early inflation rising". The pair euro/dollar was trading in a side corridor.

Now the debt market dynamics is on the bears’ side in the pair GBP/USD: the UK government bond yields have been declining for last three trading days relative to their US and Germany counterparts which reduces the investments’ attractiveness into the British assets. Last week CBI again reported about the industrial orders volume reduction and the negative trend has been lasting for seven months in a row. The pair pound/dollar continued its decrease.

The Japanese and the US government bond yields have been declining for last two trading days which increases the investments’ attractiveness into the Japanese assets. The dollar was supported by the "black gold" market pessimistic sentiments: the Baker Hughes release was not able to provide strong support to the oil quotations, despite the fact that the number of drilling rigs decreased by 10 units. The pair dollar/yen fell by the end of the trades.

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