Forex Analysis by MarketPulse (Zain Vawda) covering: Euro US Dollar, US Dollar Index Futures. Read MarketPulse (Zain Vawda)'s latest article on Investing.com
Diverging economic paths and monetary policies between the US and Eurozone could impact EUR/USD.Flash Eurozone Composite PMI increased slightly to 49.7 in October, up from a seven-month low of 49.6 in September, yet it fell just short of the predicted 49.8 and indicated a slight contraction in business activity.
The US PMI data painted a completely different picture and thus raises concerns about a Euro recovery. The S&P Global US Composite PMI increased to 54.3 in October 2024 from 54.0 in September, indicating robust growth in business activity at the beginning of the fourth quarter, according to preliminary data. This growth was primarily fueled by the service sector, which recorded a PMI of 55.3, while manufacturing output saw its third consecutive month of contraction with a PMI of 47.8.
Tomorrow we have a bunch of medium tier data releases from both the US and the EU which should not have a massive impact on EUR/USD. Looking at the candlesticks and we could have a bullish engulfing daily close which would be excellent for potential longs. This would just add another form of confirmation to the potential setup.
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