24thNovember 2023
Friday
Significant economic news is expected on Friday, November24, 2023, as Germany is poised to release its ifo Business Climate Index, whilethe United States will announce their Flash Manufacturing and Flash ServicesPurchasing Managers' Index (PMI), both crucial indicators of the businessenvironment in their respective countries.
EUR - Germanifo Business Climate
As a key measure of economic health, this indicator acts as a precursor to future economic actions such as consumer spending, employment, and investment, with businesses quickly adjusting to market conditions and mirroring changes in overall economic sentiment.
The Ifo Business Climate indicator for Germany had risen by 1.1 points from the previous month to 86.9 in October 2023, marking the first increase in six months and exceeding the market consensus of 85.9. This represented the highest level in the past three months, as companies had grown less pessimistic about both their expectations for the coming months (84.7 vs 83.1 in September) and their current business situation (89.2 vs 88.7). Analyzing the data by industry, sentiment had improved among manufacturers, service providers, and constructors, but had deteriorated among traders.
The highly anticipated GermanIfo Business Climate report is scheduled for release on Friday, 24thNovember 2023, at 09:00 AM GMT, expected to provide key insights into the country's business sentiment.
The latest forecast for theGerman ifo Business Climate Index points to an increase to 87.7, up from the prior result of 86.9.
USD – FlashManufacturing PMI
This statistic plays a vital role in gauging economic health, as companies rapidly adapt to market changes. Experts often regard purchasing managers as possessing the most current and insightful perspectives on a company's economic future.
In October 2023, the S&P Global US Manufacturing PMI remained steady at 50.0, a slight rise from September's 49.8, indicating stability in the manufacturing sector, with new orders growing at their fastest since September 2022 and output increasing modestly. However, employment saw its first decline in over three years, and business confidence dropped to the lowest in 2023 amid ongoing challenges like shrinking backlogs and subdued demand, despite rising input costs led by oil prices.
The forecast for the FlashManufacturing PMI remains unchanged from the previous announcement, holding steady at 50.0, indicating a stable outlook for the manufacturing sector.
The upcoming Flash Manufacturing announcement is set for release on Friday, 24th November 2023, at 2:45 GMT, a key event for assessing the sector's performance.
Last time, the US Flash Manufacturing PMI was announced on the 24th of October, 2023. You may find the marketreaction graph (USDCHF M5) below:
USD – FlashServices PMI
This metric is a crucial barometer of economic health, reflecting how rapidly businesses adapt to market changes, with purchasing managers providing timely and relevant insights into the company's economic outlook.
In a revised update for October 2023, the S&P Global Services PMI for the US was adjusted down to 50.6 from an initial estimate of 50.9, indicating a slight growth in the service sector, a shift from near-stagnation at the end of the previous quarter, with improved demand conditions, increased capacity, and the highest business confidence in four months, despite a continued decline in new orders and a strategy of discounting amid slower cost increases.
The upcoming Flash Services announcement is set for release on Friday, 24th November 2023, at 2:45 GMT, a key event for assessing the sector's performance.
The forecast for the FlashServices PMI suggests a slight dip to 50.5, marginally down from the previous reading of 50.6, indicating a subtle slowdown in the services sector's expansion.
The last time, the US FlashServices PMI was announced on 24th of October, 2023. You may find the market reaction graph (USDCHF M5) below:
