Today, the market is primarily focused on macroeconomic data from Markit Economics. Let us take a closer look at the outcome of these reports and see how traders react to the results. Preliminary estimates for business activity in the eurozone showed an increase in figures instead of a decline. The euro instantly went up after the publication of such strong data. So, the IHS Markit Manufacturing PMI rose to 58.6 versus 58.3 and above market forecasts of 57.5, flash estimates showed. Likewise, the IHS Markit Eurozone Services PMI increased to 56.6 from 54.6 in the previous month, beating market expectations of a 54.0 fall. No wonder the IHS Markit Composite PMI grew to 55.8 versus 54.2, well above market consensus of 53.7. The situation is slightly different in Britain where business activity was estimated to decrease like in the eurozone. Indeed, the actual results did not come in line with forecasts but came mixed. On the one hand, the manufacturing PMI increased to 58.2 from 57.1. The reading had been projected to show a drop to 57.8. On the other hand, the services PMI decreased to 58.6 from 59.1 in the previous month, while it had been expected to fall to 58.5. As a result, the composite PMI edged down to 57.8 versus 57.8 in the previous month and above market expectations of 57.3. Overall, the results came better than market forecasts. Nevertheless, after the release of such strong statistics in the eurozone, market participants also expected the same from business activity in the UK. The sterling seems to be traded flat for the same reason. The market is now awaiting data on business activity in the United States. After the eurozone showed such positive results, traders are hoping to see an increase in figures in the US as well. Anyway, it remains to be seen whether the actual results turn out to be better than forecasts. At the same time, will that be seen as a negative factor if data comes in line with market expectations, while traders are awaiting a significant increase in figures? Anyway, let us now turn to the charts. Moving in the downward trend, EUR/USD updated its 2021 swing low. Consequently, the quote fell to 1.1225 but the volume of short positions did not decrease. Given extremely high short interest, the subsequent drop in the euro is not excluded. The quote may well head towards the pivot point of 1.1160. It is important to remember that while moving down, the quote may retrace from time to time. Such price behavior is common in the market. The downward trend on GBP/USD extended after a modest upward bounce. As a result, the price consolidated below the support level of 1.3400. Unlike EUR/USD, downward momentum on GBP/USD is likely to continue as the sterling is not yet oversold. The price is expected to head towards the swing low as of November 12 (1.1350) in case of consolidation below 1.3400. Speculators may well break the pivot point.

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00:00 Intro
00:16 EUROZONE PRELIMINARY PMI
01:06 UNITED KINGDOM FLASH PMI
02:22 США
02:58 EUR | USD
03:43 GBP | USD