On Wednesday, S&P Global will release advanced readings for the United States (US) Purchasing Managers Indexes (PMIs) for July, a monthly survey of business activity.
S&P Global preliminary PMI s are expected to come in mixed in July. A negative surprise in the survey is seen supportive of rate cuts. EUR/USD faces the next downward target at the 200-day SMA at 1.0815. On Wednesday, S&P Global will release advanced readings for the United States Purchasing Managers Indexes for July, a monthly survey of business activity. The survey is anticipated to indicate that US economic activity in the private sector faced mixed trends during the current month.
Weaker prints from the survey, as well as some retracement in the inflation and employment components, should carry the potential to provisionally hurt the US Dollar and lend some support to EUR/USD, although this potential scenario is seen as having a temporary effect. Pablo Piovano, Senior Analyst at FXStreet, notes the critical 200-day SMA as a region to look closely.
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