What events to follow and how to trade during the week of July 2-6?
The big day for EUR on June 23
The Eurozone Manufacturing PMI will be published at 11:00 MT Time on June 23.
Instruments to trade: EUR/USD, EUR/JPY, EUR/CHF
This day will be especially important for the Eurozone as both France and Germany will report their data at 10:15 and 10:30 MT time, respectively. Later the overall Eurozone PMI will be released at 11:00 MT time. This indicator shows the survey of 5,000 purchasing managers in the manufacturing industry. Investors pay a lot of attention to it as it’s the most relevant assessment of the current economic activity and the company's view of the economy. When the indicator is above 50.0, it signals the industry expansion, below – contraction. Nevertheless, these days it only needs to be better than expected to push prices up.
- If the actual level of Manufacturing PMI is higher than the forecasts, the EUR will rise;
- If the actual level of Manufacturing PMI is lower than the forecasts, the EUR will fall.
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
Read a short market wrap before trading today!
The United States will publish the non-farm employment change, also known as non-farm payrolls or NFP at 15:30 MT (GMT+3) time on August 6.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!