The OPEC meeting and the US Nonfarm Payrolls rocked the market last week. The market is torn between optimism about the global economic recovery and concerns about the new coronavirus strains.
The pack of PMIs to boost the euro
What will happen?
Once in a month, the euro has a very special day of increased volatility at the start of the European trading session. This is the time when France, Germany, and the Eurozone await the Services and Manufacturing PMIs. The releases come out from 10:15 to 11:00 MT time. These indicators are based on a survey of purchasing managers in services and manufacturing industries. If an indicator is higher than 50, it indicates an expansion of an industry, while an indicator below 50 shows contraction.
How to trade on the PMI releases?
Trading on PMI releases is easy! Check the economic calendar for forecasts, and follow the steps below:
- If the PMI is greater than the forecasts, the EUR will rise;
- In case of an alternative scenario, expect a fall of the EUR.
Instruments to trade: EUR/USD, EUR/GBP, EUR/JPY
Great Britain will publish its trade balance for April on June 11, at 09:00 MT time.
Canada will publish employment change and an unemployment rate on Friday, at 15:30 MT time.
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!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!