Daily Alert – Thursday 23rd November 2023: PMIs improve across Europe

Mark NugentDaily Alert, Nov 2023

Daily Alert – Thursday 23rd November 2023: PMIs improve across Europe

Good afternoon.

The Americans are doing their turkey thing today and all is quiet.

PMIs in Germany, the Eurozone and the UK all exceeded expectations and moved higher than the prior month’s numbers. However, all bar two of the nine PMIs involved are sitting at less than 50 which indicates contraction. Work still to do.

OPEC+ called off their meeting scheduled for the weekend where some observers were expecting a production cut. The price dropped 5% in a matter of a few hours but has mostly recovered since then.

The European Central Bank minutes said that they will do what they must do to do their job (of course) and that it is far too early to talk about rate cuts (of course).

Currencies seem unaware of the direction I want them to go in. The USD is down and the GBP up. Only the Euro is moving in the “right” direction and even then, only just.

I will be back tomorrow with a very brief video of Trade 41, WTI short, from last week. It managed to lose -2.03% of my capital. Never mind, we’re still doing well this year.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE