There are growing signs of a global economic rebound, as key data points continue to show key economies laying the foundations for a bounce back.
On Thursday, various countries reported their respective manufacturing, services and composite PMI data. In terms of the Eurozone, having plummeted to what was by far it's the lowest reading in the survey’s nearly 22-year history last month, a broad recovery was seen in the latest figures. A general pick-up could be witnessed, across the block as a whole and with Germany and France.
Over in the UK, after its respective PMIs plunged to a near 30-year low last month, it jumped back higher, smashing expectations and its prior readings. Similar was also reported across the pond in the United States.
Global economic activity massively improved in May as lockdown restrictions have been slowly relaxed across the board, with many suggesting that the economic downturn is likely to have bottomed out.
What does this mean for the markets?
The markets in general over this latest week had been very much enjoying an appetite for risk, as was seen with the various stock indices, riskier FX currencies; AUD, CAD, NZD, GBP and gains in EUR, all versus USD. JPY and Gold have been very much under pressure. However, the theme is not as clear cut right now despite all of this improving data, due to the worries of the tensions between the U.S. and China. Rallies in the riskier assets remain subject to being sold, given this lingering issue.
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