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Global Pmi

Headline PMIs look strong, but look beneath the surface. 

​Last week’s flash PMI numbers printed impressive headline highs across major economies:

​🇺🇸 US Composite: 56.0 (52-month high), powered by services (56.8) while manufacturing cooled to 53.2.

​🇪🇺 Eurozone Composite: 52.1 (9-month high) with German factory output hitting a 55-month high (even as German services lag at 48.5 and France contracts at 48.8).

​🇯🇵 Japan: 53.4 (6-month high), reporting its strongest new manufacturing orders since 2018.

​🇬🇧 UK: 52.5 (4-month high), though input cost inflation is picking back up.

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Forex market brief for 24 August 2026:

The US dollar is softer near the 99 level. Concerns about the fiscal outlook, uncertainty around Fed policy, and plans to double long-end Treasury buybacks to 4 billion dollars per operation are weighing on sentiment.

The euro is firmer after Eurozone manufacturing PMI reached 52.8, although weak German and French services data limit the upside.

Sterling is mixed: UK services remain resilient, but July retail sales fell 0.5% month-on-month.

The Canadian dollar is supported by stronger-than-expected retail sales, which rose 0.6% in June versus 0.4% expected.

The Australian dollar is in focus ahead of Tuesday’s RBA minutes, which may clarify the hike-versus-hold debate. One currency-strength update favours buying AUD and NZD against selected currencies.

Main risk this week: Jackson Hole and any change in Fed-rate

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Global PMIs Lift Euro as US Dollar Slips on Fiscal Risks – August 22, 2026, 7:12 pm

Summary

• Eurozone data beats expectations.
• UK retail sales disappoint markets.
• Canadian sales grow as dollar weakens supporting the commodity currencies.

Details

• August flash PMIs supported the euro as Eurozone manufacturing hit 52.8, despite German services slipping to 48.5 and French services contracting at 48.4. In the UK, July retail sales fell 0.5% month-on-month, but August services PMI reached 52.8, stabilizing sterling.

• The US dollar weakened near 99 as US Treasury bond buyback plans sparked fiscal debasement concerns, fostering a softer medium-term outlook.

• The Canadian dollar gained support after June retail sales rose 0.6% month-on-month, beating 0.4% forecasts, bolstered by May’s upward revision to 1.1%.

Urdu

• اگست کے ابتدائی پی ایم آئی (PMI) ڈیٹا نے یورو کو سپورٹ فراہم کی، جس میں یورو زون کی مینوفیکچرنگ 52.8 پر رہی۔ اگرچہ جرمن سروسز 48.5 اور فرانس کی سروسز 48.4 پر آ کر سکڑ گئی ہیں، پھر بھی یورو مضبوط رہا۔ یو کے میں جولائی کی ریٹیل سیلز میں ماہانہ بنیاد پر 0.5 فیصد کمی دیکھی گئی، لیکن اگست کا سروسز پی ایم آئی 52.8 پر پہنچ گیا، جس سے سٹرلنگ کو استحکام ملا۔

• امریکی ڈالر 99 کے قریب کمزور ہوا ہے، جس کی بڑی وجہ یو ایس ٹریژری بانڈ بائی بیک کے منصوبے ہیں۔ اس سے حکومتی مالیاتی پالیسیوں کے حوالے سے خدشات پیدا ہوئے ہیں، جس کی وجہ سے میڈیم ٹرم میں ڈالر کا آؤٹ لک کمزور دکھائی دے رہا ہے۔

• کینیڈین ڈالر کو اس وقت سپورٹ ملی جب جون کی ریٹیل سیلز 0.6 فیصد بڑھ گئیں، جو کہ 0.4 فیصد کی پیشگوئی سے کہیں بہتر ہے۔ اس کے علاوہ مئی کے اعداد و شمار میں بھی بہتری لا کر انہیں 1.1 فیصد کر دیا گیا ہے، جس سے کینیڈین ڈالر کو مزید تقویت ملی ہے۔

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