23 April 2024, EUR/USD
Event to watch out for today:
11:00 GMT+3. EUR - Composite PMI
16:45 GMT+3. USD - Composite PMI
EURUSD:
The Euro-dollar pair is trading near 1.0650 after a quiet Monday, with the major pair staying still ahead of a packed list of economic data. Both the US and Eurozone will release updated Purchasing Managers' Index (PMI) data on Tuesday, with the most important US data due out at the end of the trading week as markets hungry for a rate cut from the US Federal Reserve (Fed) continue to expect a rate cut. Tuesday will see the release of Eurozone HCOB PMI data for April. The composite PMI is expected to rebound to 50.8 in April from 50.3 in the previous month. Germany's PMI is also expected to rise to 48.6 from the previous reading of 47.7. Europe's broader manufacturing PMI is expected to remain in contractionary territory but recover to 46.5 from the previous reading of 46.1. In the US, the S&P Global PMI for April is expected to come in at 52.0 for both manufacturing and services. The manufacturing index was last recorded at 51.9 and the services index was 51.7 in March. Later this week, the US quarterly gross domestic product (GDP) is expected to decline to 2.5% y/y from the previous reading of 3.4%, while the March core personal consumption expenditures (PCE) price index is expected to be unchanged at 0.3% m/m in April.
Trading recommendation: Sell positions on a rebound from 1.0650.
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