When is the US ISM Services PMI and how could it affect EUR/USD? – by hareshmenghani EURUSD UnitedStates PMI Fed Currencies
14:00 GMT this Wednesday. The gauge is expected to drop to 53.5 in July from 55.3 in the previous month. Given that the Fed looks more at inflation than growth, investors will keep a close eye on the Prices Paid sub-component, which is expected to rise to 81.6 from 80.1 in June.
According to Eren Sengezer, European Session Lead Analyst at FXStreet: “Markets should pay close attention to the Employment component as well. Ahead of Friday’s jobs report, a print below 50 would point to a contraction in the service sector employment and put additional weight on the USD’s shoulders.”Ahead of the key release, the risk-on impulse in the equity markets was seen undermining the safe-haven US dollar.
Conversely, a stronger print would be enough to provide a modest lift to the greenback and prompt fresh selling around the EUR/USD pair. The immediate market reaction, however, is more likely to be short-lived as investors might prefer to wait on the sidelines ahead of the US monthly jobs report on Friday.
“On the downside, 1.0150 aligns as first support ahead of 1.0100 . A four-hour close below the latter could be seen as a significant bearish development and trigger another leg lower toward parity,” Eren added further.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
China July services activity expands at quickest pace in 15 months - Caixin PMIChina's services activity grew at the fastest rate in 15 months in July as easing COVID curbs boosted consumer confidence, but foreign demand fell and companies cut staff for the seventh month in a row, a private-sector survey showed on Wednesday.
Read more »
AUD/USD aims an establishment above 0.6900 on upbeat Caixin Services PMI dataThe AUD/USD pair has surpassed the immediate hurdle of 0.6900 swiftly and is likely to establish above the same as IHS Markit has reported stellar Cai
Read more »
NZD/USD Price Analysis: Off fortnight-old support, 100-SMA on upbeat China PMINZD/USD Price Analysis: Off fortnight-old support, 100-SMA on upbeat China PMI – by anilpanchal7 NZDUSD Technical Analysis China PMI SwingTrading
Read more »
US: S&P Manufacturing PMI falls to 52.2 in July (final) from 52.7The business activity in the US manufacturing sector expanded at a softer pace in July than in June with the S&P Manufacturing PMI falling to 52.2 fro
Read more »
U.S. factories grow at slowest pace in two years, ISM finds. New orders fall again in bad omenA key barometer of American factories fell to a 25-month low of 52.8% in July in a sign of creeping weakness in the U.S. economy. The good news? Inflation...
Read more »
EUR/USD Forex Signal: Room for More Downside Before EU DataThe EUR/USD price continued its downward trend as tensions between the US and China continued.
Read more »