On November 15, 2024, several economic indicators were released, impacting the forex markets. Let’s take a closer look at some of the key data points.
Starting with New Zealand, the Business NZ PMI for October came in at 46.9. This figure indicates the health of the manufacturing sector in the country.
Moving on to Japan, the GDP numbers for the third quarter showed a quarter-on-quarter growth of 0.20%, falling short of the forecast of 0.70%. Additionally, the GDP deflator year-on-year for the same period was 2.90%, lower than the expected 3.20%. These figures suggest some challenges in the Japanese economy.
In China, both Industrial Production and Retail Sales for October remained in line with expectations, showing a year-on-year growth of 5.40% and 3.80%, respectively. Fixed Asset Investment year-to-date also met forecasts at 3.50%.
Shifting focus to the UK, the GDP numbers for September and the third quarter matched expectations, showing a month-on-month growth of 0.20% and a quarter-on-quarter growth of 0.20%. However, Industrial Production figures fell short of forecasts, with year-on-year numbers showing a decline of 1.60%. Manufacturing Production also missed expectations.
In Switzerland, the Producer Price Index month-on-month for October came in at 0.10%, while the year-on-year figure was -1.30%. These numbers indicate the level of inflationary pressures in the Swiss economy.
Turning to North America, Canada’s Manufacturing Sales for September declined by 0.70%, while Wholesale Sales increased by 0.20%. In the US, the Empire State Manufacturing Index for November came in at 3.6, indicating an expansion in manufacturing activity. Retail Sales and Industrial Production figures for October, however, fell slightly below expectations.
The Capacity Utilization rate in the US was 77.10%, slightly lower than the previous period. Business Inventories for September also showed a slight increase, signaling potential changes in business investment levels.
Overall, the economic data released on November 15th provides valuable insights into the performance of various countries and can have significant impacts on the forex markets. Traders and investors will be closely monitoring these indicators to make informed decisions in the forex market.
