The general index continues to record gains and rise, as it closed the opening session of the week yesterday, Monday, recording gains of 0.40% at the close at 95.43 levels, amid anticipation in the markets for one of the most important data of the week represented in US retail sales, which is expected to be issued in the American session today. Expectations indicate that it will rise to 1.2% in October, compared to 0.7% in the September reading, and the main index, excluding car prices, will rise by about 1%, as analysts’ expectations indicate that the increase in car and gas prices will push consumer spending to its highest levels.
The Bayer State Manufacturing survey on industrial activity in New York State, issued on Monday, showed an increase of about 11.1 points in November to 30.9 points, compared to 19.8 in the October reading, and better than expectations that indicated a rise to 22.1 points, as the index was supported by the rise in the orders index.
The new indicator rose to 28.8 points, and the shipments index rose to 28.2, while the employment index grew to 26 points, at its fastest pace ever.
The euro was affected by the rises of the US dollar yesterday, to lose more than 75 points at the close at 1.1368 levels, the lowest level in sixteen months, also affected by the statements of the President of the Bank Lagarde yesterday in front of lawmakers in the European Parliament, where she confirmed that inflation in the euro area will decline with the recovery of the economy and that any Action to change monetary policy would backfire now.
On the other hand, despite the rise of the US dollar, the pound sterling managed to survive and close positively, and is now trading at 1.3421 levels, taking advantage of the statements of Bank Governor Bailey and a member of the Monetary Policy Committee Sanders, indicating that the bank is about to raise interest rates, and the markets are awaiting labor market data from Britain moments after right Now .
We will also watch statements by FOMC members (Barkin – Bostick – Daly) in the American session, in addition to statements by European Central Bank Governor Lagarde and a speech by Bank of Canada member Schembri.
06/11/2024
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