🇺🇸Cable FX Macro Weekly Note: U.S. S&P Global PMI

*As seen in Risk in The Week Report 11/18/2022, subscribe at cablefxm.co.uk/reports

The U.S. October S&P Global manufacturing PMI final topped the flash print as a contraction figure was previously seen, while the actual came in at 50.4. However, the October index slowed from the prior month reading of 52.0, and from the 58.4 recorded at the same time a year before. The easing in the manufacturing sector took the index to the lowest since June 2020. Positive data was seen in the inflation front as Input Prices fell to 64.7, the lowest since November 2020. This was balanced by softness in the New Orders subcomponent, as it fell to the lowest since May 2020. The desk at SEB says that forward-looking indicators from Fed regional surveys point to a further deterioration in both manufacturing and services sectors. They note delivery times normalizing but remain lengthy, and mention that their focus will lie in the new orders and the employment indexes for signs of cooling. Analysts at Scotiabank point out that the batch of PMIs are currently signaling global weakness, the indexes for Germany and the eurozone print below expansion while the U.K., Australia, U.S. and Japan are holding to marginal growth. Scotiabank reminds us that the ISM is however more closely followed by the Fed, and says next week is set to bring a light calendar for investors.