engabood strategy approved
The wholesale sales in Canada rose by 0.9 percent month over a month in December 2019, from a 1.1 percent fall in November. The market expects that the wholesale sales will correct and drop for January 2020 but any increase will lead to a stronger CAD. Bearish reaction on the cards
The Jibun Bank Japan Manufacturing PMI stood at 47.8 in February 2020 and the expectation is that it will drop to 45 in March. With the outbreak of the corona virus pandemic the PMI may drop further but expected other factors to push the yen stronger. Bearish reaction expected.
The Composite PMI in Germany was 50.7 in February 2020 from flash estimate of 51.1 as a weaker rise in services activity contrasted with a further decline in manufacturing production. The Covid-19 outbreak will further compound the problems in the service sectors with cancellation of events and travels and slow down in manufacturing. The flash estimate for all PMIs will be significantly lower. Bearish reaction.