[macro outlook] focus on Germany and Europe September Markit manufacturing PMI evening release of July FHFA house price index in the United States

SMM9 March 23: today, Federal Reserve Chairman Powell will testify in the House of Representatives on the Fed's economic response to the epidemic. In the evening, Federal Reserve Chairman Powell will testify before the House Financial Services Committee on novel coronavirus's measures on the epidemic.

In terms of data, Germany's Gfk consumer confidence index in October, consumer confidence is the leading indicator of consumer spending, and consumer spending is the most important part of overall economic activity. The rise in consumer confidence indicates an increase in future spending, which is good for economic growth and good for the euro.

Germany Markit manufacturing PMI initial value in September, euro zone Markit manufacturing PMI initial value in September.

With the monthly rate of the US FHFA house price index in July, the US housing market is currently a major drag on the US economic recovery, and if house prices rise, it will be good news for the housing market. Foreign exchange investors judge the trend of the exchange rate accordingly.

The initial PMI of Markit manufacturing in the United States in September is a leading indicator of the state of the economy, as companies can respond quickly to the market environment. By observing the changes in such data, foreign exchange investors judge the outlook of the US economy, which in turn affects the trend of the foreign exchange market.

The change in EIA crude oil inventory in the United States in the week ended September 18 is a US indicator. The increase or decrease in inventory will affect the price of crude oil, which in turn will have an impact on the Canadian dollar, as Canadian crude oil exports account for a large proportion of the economy. The impact is greater than the weekly change in crude oil inventories of the American Petroleum Institute ((API)).