*Today was PMI day in global markets and PMI data in Europe came well below expectations. When we take a look at these data that energized the market in the morning, we saw that the manufacturing sector, which had already contracted in Germany and the Euro Zone, experienced a slight movement, but still remained in the contraction zone. The service sector, on the other hand, regressed well above expectations and moved from the expansion zone to the contraction zone.
After the PMI data in Europe, the Euro side depreciated and the ECB’s 25 basis point rate hike probability scenario at the September meeting started to weaken. However, we do not know how the effects of the ECB’s pause here while fighting inflation will be. We will be able to get the earliest view on this in the near future with ECB President Lagarde’s speech at the Jackson Hole symposium on Friday evening.

*As we approach the evening hours, we also see a decrease in PMI data from the USA. The manufacturing sector is still in the contraction zone. Although the service sector declined from 52.3 to 51, it remained on the expansion side.

*When we look at the intraday pricing, Germany’s 10-year bond yield decreased from 2.64% to 2.52% due to the data at noon, while the intraday recovery ended with the PMI data from the USA and fell again to 2.52%.
The US 10-year bond yield, on the other hand, had gradually regressed since the night, but it quickly dropped from 4.29% to 4.21% with the PMI data at 16.45.
While the US stock markets remained calm and generally positive, the EURUSD parity regained some of its intraday losses. On the other hand, the Ounce Gold side reacted to the 1919 region from 1901 after the rapid decline in the US 10-year bond interest.