Skip to content Skip to footer

The Sterling Hits a 3-year High, U.S Manufacturing Activity is on the Rise & OPEC+ Increases Output

U.S. manufacturing activity rebounds in May

The trading week officially began today, after Monday’s bank holiday, and was awoken by news that manufacturing activity in the United States had increased.

U.S  Manufacturing is on the rise for May's numbers

Figures released by IHS Markit showed that national factory activity rose to a reading of 61.2 in May, which was a pick up from April’s 60.7 reading.

Typically, a reading above 50 suggests that the sector is growing, with anything below signaling contraction.

Manufacturing which currently contributes to close to 12% of the U.S. GDP, and many believe that the sector may continue to grow as we head into a post-pandemic world.

As of writing, the blue-chip Dow Jones was trading 0.21% higher on the news.

FTSE 100 higher, as Sterling hits 3-year high

The FTSE 100 got off to a strong start on Tuesday, after being closed yesterday due to a public holiday.

Britain’s main index rallied, as UK house prices rose at the fastest pace in 7 years, with data also showing manufacturing activity had risen.

Although the rise came at a slower pace than expected, it was enough to send the FTSE 100 0.82% higher.

In addition to this, GBPUSD rose to its highest rate since March 2018, hitting an intraday high of $1.4250.

The cable rate was however unable to breach the long-term resistance level, and soon fell, and is now trading close to $1.4160.

With several key economic releases this week many wait to see if further shifts could arise.

Oil prices rise as OPEC+ increases output

Crude oil prices were on the rise in today’s trading session, as OPEC and its allies,. Which include Russia, met to discuss output.

Today’s meeting concluded, with the cartel agreeing to increase output by 841,000 barrels a day in July. Following previous hikes in May and June.

The cartel decided in April to hike supply to 2.1 million barrels per day, as Europe eased lockdown restrictions. And prepared for increased tourism over the summer.

WTI Crude hit an intraday high of $68.87 in today’s session. Which is the highest prices of the energy have been since before the pandemic began.

Quote of the day – “I believe in analysis and not forecasting.”

– Nicolas Darvas

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.

TVM Global Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.

Tradeview Financial Markets S.A.C.

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.