ZAR: an intriguing speech
The South African Finance Minister is delivering a budget speech today. There may be a strong impact on ZAR, so what's going to happen?
ISM manufacturing PMI is in focus
Traders await the release of ISM manufacturing PMI at 17:00 MT time.
What?
The ISM manufacturing PMI stands for the purchasing managers' index by ISM. This indicator is calculated based on the survey of about 400 purchasing managers, which asks respondents to rate the level of business conditions.
How?
If the indicator is above 50, it shows the expansion of an industry. On the contrary, the index below 50 indicates a slowdown.
The previous data
Last time manufacturing PMI came out at the lower-than-expected level of 47.2 (vs. the forecast of 49). It weakened the USD.
Forecasts
Now we anticipate manufacturing PMI to reach 48.5. Higher figures will push the USD up. In case of an alternative scenario, the USD will weaken.
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