Great trade opportunities on Wednesday

Great trade opportunities on Wednesday

What will happen?

PMI reports from the EU, the UK, and the USA will be released during the whole day on March 24, to the delight of traders. Purchasing Managers’ Index (PMI) is an indicator that measures the economic health of the manufacturing and services sectors. The aim is to provide information about current business conditions. It is based on production, supplier deliveries, new orders, and the employment environment.

How to trade on PMI?

It’s really easy! After the release, just compare the actual numbers with the market estimate. You can find them in our economic calendar, which part you can see in the picture below. The expected data will appear a few days ahead of the release in the column “Forecast”. And when the time comes, the “Actual” column will be updated with real numbers as well.

  • 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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The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong. 

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Don’t waste your time – keep track of how NFP affects the US dollar and profit!

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