24 April 2024, EUR/USD
Events to watch out for today:
15:30 GMT+3. USD - Change in durable goods orders
EURUSD:
The Euro-dollar pair held above the psychological barrier of 1.0700 in the early Asian session on Wednesday. Weaker-than-expected US PMI data for April is dragging the dollar lower and creating a tailwind for EUR/USD. Investors will be focused on March durable goods orders in the US.
Overall business activity in the Eurozone grew at the fastest pace in almost a year in April, with a strong rebound in the core services sector, according to the latest Purchasing Managers' Index (PMI) survey released by HCOB on Tuesday. HCOB's eurozone PMI composite index rose to 51.4 in April from March's reading of 50.3, better than the forecast of 50.8. The reading was the highest in nine months.
On Tuesday, the preliminary S&P Global Composite PMI for U.S. business activity, which measures the manufacturing and services sectors, fell to 50.9 in April from a previous reading of 52.1. Meanwhile, the manufacturing PMI fell to 49.9 in April from 51.9 in the previous reading, weaker than the 52.0 estimate. The PMI for the services sector fell to 50.9 from 51.7 in the previous reading, weaker than the expected reading of 52.0. Reports showed that business activity in the US continued to expand in April, albeit at a slower pace than in March. Weak data has a negative impact on the US dollar (USD).
Trading recommendation: Trade predominantly on Buy from the level of 1.0700.
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