Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
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
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