The crypto market keeps recovering. Bitcoin has broken above $57,000. The way up to $60,000 is open now!
EUR, USD, GBP: all attention to PMI reports
What will happen?
PMI reports from the EU, the UK, and the USA will be released during the day! What is PMI? Purchasing Managers’ Index (PMI) is an indicator that measures the economic health of the manufacturing and services sectors. It is based on production, supplier deliveries, new orders, and the employment environment. If the indicator is higher than 50, it demonstrates the expansion of an industry, while an indicator below 50 signals a contraction.
How to trade on PMI?
Traders pay close attention to whether the real numbers exceed market expectations or not as it will have a huge impact on the currency.
- If the actual PMI data is higher than the forecasts, the currency will strengthen.
- If the actual PMI data is lower than the forecasts, the currency will weaken.
Instruments to trade: EUR/USD, EUR/GBP, GBP/USD
The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The upcoming CPI and the earnings season are the main events in the focus of traders next week. Check out more!
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
The Fed is ready to start tapering in November. Since the markets were expecting this and it wasn’t a surprise, the USD slumped allowing risk-on currencies and gold to rally up.
US Retail Sales will be out on October 15 at 15:30 MetaTrader time (GMT+3).