The FX Files – JOLTS, ADP and Powell on Deck

FICC Strategy Reports

Into the start: 1.) In China: a.) The city of Guangzhou relaxes restrictions despite a surge in the number of cases. CFLP PMIs for November underwhelm. The manufacturing PMI slid to 48.0 (from 49.2 last month), while non-manufacturing dropped to 46.7(from48.7).Key demand sub-indices (domestic and exports orders) fell further. Our take: Covid zero is still taking its toll–but we’re likely closer to the end of this than the beginning.

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