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- Confidence in the Euro-Zone is far higher than it is in the UK.
- Sentiment is poor too in the US, largely for political reasons.
- Coming up this week: look out for the PMIs ahead of Friday’s US non-farm payrolls data.
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A variety of indicators are pointing to weaker confidence in the UK than in the Euro-Zone while in the US market confidence is being hit by the splits in the Republican Party, the spat between the US and Russia, and North Korea’s missile tests.
This week, the most important confidence indicators will be the purchasing managers’ indexes for the UK and the Euro-Zone, the US, Canada and Japan.
This all goes some way towards explaining the US Dollar’s overall weakness and the Euro’s strength against the British Pound. Meanwhile, the price of crude oil is being affected by the unrest in Venezuela, while the Australian Dollar is benefiting from the strength of the Chinese economy.
In the stock markets, it’s notable that European shares are not following Wall Street higher.
--- Written by Martin Essex, Analyst and Editor
To contact Martin, email him at firstname.lastname@example.org
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.