19 November 2024, EUR/USD
EURUSD:
The euro remains exposed to market flows amid another week of poor economic data.
EUR/USD trimmed losses on Monday, rising nearly two-thirds of a per cent as markets eased the accelerator for the dollar and gave the euro a chance to come up for air. With the exception of a midweek speech by Christine Lagarde of the European Central Bank (ECB) on Wednesday, the economic calendar remains sparse ahead of Friday's release of global purchasing managers' indices (PMIs).
Euro markets will remain aloof from general market flows until Wednesday, when ECB President Lagarde will deliver opening remarks at the ECB's Financial Stability and Macroprudential Policy Conference. The ECB is currently between a hammer and anvil as European inflation continues to hold more firm than European policymakers initially expected and the broader European economy continues to have a lopsided tilt.
On Friday, the S&P PMI business activity index forecasts will be released during the European and US market sessions. Europe's manufacturing PMI is expected to remain unchanged at 46.0 m/m, while the services PMI component is expected to rise to 51.8 from 51.6. In the US, overall PMIs are expected to rise, with the manufacturing PMI expected to increase to 48.8 from 48.5 in November and the services PMI to 55.2 from 55.0.
Trade recommendation: Trade mainly with Buy orders from the current price level.
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