Weekly Market Analysis / 28 November - 2 December 2022

Last week, PMI data and US Federal Reserve (Fed) November 1-2 FOMC meeting minutes were followed in global markets. In the US, the manufacturing PMI fell to 47.6 in November, the lowest level since May 2020, while the services PMI fell to 46.1 from 47.8. Contrary to expectations, Eurozone composite PMI increased from 47.3 to 47.8, indicating that the economic downturn in the region may ease. In the minutes of the Fed's last meeting, most Fed officials said they soon backed a slowdown in rate hikes. An ounce of gold moved sharply on Wednesday, even on a sideways price chart. It continues to be priced above $1.700.