
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
The US Institute for Supply Management will release ISM manufacturing PMI on June 1, at 17:00 MT time (GMT+3). It’s a leading indicator of economic health as businesses react quickly to market conditions. Purchasing managers have perhaps the most current and relevant insight into companies’ views of the economy. They rate the relative level of business conditions, including employment, production, new orders, prices, etc. Around 300 purchasing managers take part in the survey.
It’s no secret that the economy is damaged due to inflation, rising rates, supply issues, and geopolitics. Thus, there is a high chance of ISM PMI decrease. Moreover, the index may enter the contraction zone (fall below 50.0) and put even more pressure on the USD and stocks. If purchasing managers consider the economy weak, that goes for the broad market too.
Last time, the result was less than expected (55.4 Actual vs 57.5 Forecast). The reading caused volatile moves in EURUSD. However, the pair slid lower due to the euro weakness. A 1-lot sell trade on the top of the movement would have brought a profit of $350.
Compare the actual results with the expectations. The market will probably expect numbers above 50.0. Thus, if the reading is lower than 50.0, the USD will be under heavy pressure.
Check the Economic Calendar.
Instruments to trade: EURUSD, GBPUSD, USDJPY
The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3.
Canada will publish Retail Sales and Core Retail Sales on June 21 at 15:30 GMT+3.
The US PPI will come out on Tuesday, June 14, at 15:30 MT time (GMT+3).
The US Institute for Supply Management will release ISM manufacturing PMI on July 1, 17:00 GMT+3.
The United States Bureau of Economic Analysis will release monthly Personal Consumption Expenditures (PCE) on June 30, 15:30 GMT+3.
The governor of the Bank of England, Andrew Bailey, will hold a speech on June 29 at 15:30 MT time (GMT+3).
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