PMI data in Europe and the US was extremely weak, with the Services sector collapsing in Germany, following the collapse in Manufacturing. Germany remains the engine room for Europe, but is coughing and spluttering into a deep recession, following the monumental contraction in Manufacturing data and now Services PMI data. This led to a sharp fall in Bond Yields and a rise in equities. It only adds to the pressure on Central Bankers, meeting in Jackson Hole (Wyoming) this week, who must consider the falling economy and inflationary pressures. BRICS Summit has green lighted a major membership expansion, which will impact global trade and the logistics of this trade. Flagging interest rates allowed the EUR to trade around 1.0850, while the GBP slipped back below 1.2700.
The softer reserve allowed the commodity currencies some reprieve, with the AUD bouncing above 0.6450, while the NZD looks to renew the attack the ‘BIG figure’ of 0.6000. Australian PMI data was weak, but commodity demand improved, with stronger demand from Japan. Japanese PMI numbers were an ‘island of progress’ and rallied into positive territory. NZ Q2 Retail Sales fell into negative territory, reflecting the hardships the economy is handing out to the consumer. Rising inflation and interest rates soaring are taking their toll on the average punter. Markets are watching Central Bankers at the Jackson Hole Symposium and the world leaders at the BRICS Summit in South Africa.
欧洲和美国的 PMI 数据极其疲软，德国服务业继制造业崩溃后也跟着崩溃。 德国仍是欧洲的引擎，但在制造业数据和服务业采购经理人指数大幅收缩之后，德国正陷入深度衰退，这导致债券收益率急剧下降和股票反应式地上涨。 这增加了本周在杰克逊霍尔（怀俄明州）举行会议的央行行长们的压力，他们必须考虑经济下滑和通胀压力。 金砖国家峰会为扩大成员规模大开绿灯，这将影响全球贸易和贸易物流。 利率低迷使得欧元交易于1.0850附近，而英镑则回落至1.2700下方。
美元的疲软让商品货币得到了一定的喘息，澳元反弹至0.6450上方，而纽元则希望再次攻击0.6000的“大数字”。 澳大利亚PMI数据疲软，大宗商品需求有所改善，日本需求强劲。 日本 PMI 数据是一座“进步之岛”，已经反弹至正值。通胀上升和利率飙升正在给普通投资者带来损失，导致新西兰第二季度零售销售陷入负值，反映出经济给消费者带来的困难。 目前市场仍持续关注杰克逊霍尔央行会议上的各国央行行长和南非金砖国家峰会上的世界领导人。
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