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AUD/USD and gold bears get squeezed on weak US PMIs: Asian Open 24/08/2023
Flash PMIs dominated sentiment across the European and US sessions with downside disappointments. Sentiment for the euro was already knocked when composite PMIs from France and Germany fell to 33 and 39-month lows respectively, before the eurozone PMI also fell to a 33-month low. With services also having seemingly topped, it suggests service-driven inflation levels globally may continue to soften. Regardless, it brings into serious doubt as to whether the ECB really need to hike again in September or not. If it's a race to the bottom among composite PMIs, the eurozone has the slight edge over Australia. Although the ... (full story)