American chaos and weak PMI
Riots intensify in the US. Clashes between protesters and police continued in the country's largest cities from New York to Los Angeles, forcing Amazon.com Inc. restrict delivery and Apple Inc. to close some stores.
Refined business activity index (PMI) of manufacturing industries:
- In China a decline to 50.6 is shown, although forecasts spoke of growth.
- Europe is definitely slowly recovering: PMI of manufacturing in the entire Eurozone has grown to 39.4 from 33.4.
- In the UK, business activity is recovering a little faster than in Europe (up to 40.7 from 32.6).
We believe that the recovery of the Chinese economy will continue, but friction with the United States increases uncertainty. The strongest data seems to come from the UK. This is an occasion worthy of growth for #GBPUSD this week.
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