Gold rose, USD/CAD and USD/JPY dropped
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Will the Flash Manufacturing PMI support the EUR?
Euro Area Flash Manufacturing PMI will be released on Friday at 11:00 MT time.
Instruments to trade: EUR/USD, EUR/AUD, EUR/GBP, EUR/JPY
Similar to the same indicator in the UK, the Eurozone Manufacturing PMI’s drop in April was the steepest since its inception in 1997. From 44.5 in March it plunged to 33.4 in the next month. May’s Manufacturing PMI should be in the same spectrum noting the complicated state the European economy is in. Some countries still are experiencing local peaks of infection rates, others are struggling to keep the risk of the second wave of the virus at bay while the gradual economic reopening takes place. Therefore, it would be reasonable to expect the May Flash Manufacturing PMI in Europe to be comparably weak as in April. However, if it happens to positively surprise the market, the EUR will grow in value.
- If the figure is better-than-thought, the EUR will rise.
- Otherwise, the EUR will fall.
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