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02.12.2019: EUR and GBP gain ground (EUR/USD, GBP/USD)

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On the first day of this trading week Germany and the euro zone unveiled the manufacturing PMI reports.
The revised Purchasing Managers’ index that indicates the manufacturing activity came in at 44.1 points in November. Overall, this result is not bad. The PMI reading hit a five-month high. However, the main reason for concern remains the fact that contraction in the manufacturing sector is spilling over to the services sphere as well.
Meanwhile, a gauge of manufacturing activity in the euro zone inched up to 46.9 points. This insignificant increase was contributed to better PMI reports of France and Germany. However, the activity remained sluggish despite a minor improvement.
The report confirmed that the manufacturing sector is dragging down the overall economic growth, though the pace of contraction has slowed down.
The euro opened the week in the green area, and the EUR/USD pair has reached daily highs near 1.1020. However, this move looks more like a speculaive wave. The pair just continued rising after it had found strong support near 1.0990 last week. At the same time, the pair remains under pressure ahead of Christine Lagarde’s comments. Today, the new ECB President will deliver her speech that is expected to be dovish.
However, the content of her speech is not that obvious. Christine Lagarde may note strong macroeconomic statistics that have been encouraging markets lately. Today’s PMI reports were not the only upbeat news. On Friday, the inflation data surprised analysts, as the consumer prices grew faster than expected - by 1% in annual terms. If Ms. Lagarde drops a hint about a wait-and-see approach, the single European currency is likely to gain ground.
Meanwhile, the British pound is trading in a neutral to positive mood, supported by political factors. On Friday evening, an accident occured in London that is considered by the police to be a terrorist act. Right next to the Parliament, a suspect armed with a knife attacked passers-by. The police shot him once it arrived at the scene. A fake explosive device was later discovered on the suspect’s body. As a result of this attack, two victims died.
UK Prime Minister claimed the Labour Party is to be blamed for the accident. He supported his accusations by the fact that the Labours called for amendments to the legislation, implying a mitigation of punishment.Were it not for these amendments, then nothing would have happened, Boris Johnson said.
However strange this reason can be, but the pound sterling advanced amid these comments which raised chances for the Conservatives winning the election on December 12. The pound-dollar pair rose to 1.2940.
We keep close tabs on market developments. Stay tuned!

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