20 June 2024, EUR/USD
An event to look out for today:
15:30 GMT+3. USD - Number of initial applications for unemployment benefits
EURUSD:
EUR/USD was cyclical on Wednesday as US markets went on a mid-week holiday. US markets will return to activity today, just in time for the release of the latest US initial jobless claims data for the week ending June 14. Mid-market forecasters expect a slight decline in the number of new U.S. jobless claims to 235k from the previous reading of 242k, but they are still expected to exceed the four-week average of 227k.
The European Central Bank (ECB) economic bulletin is expected to be released today, but little new information is expected as the ECB will repeat what has already been covered in previous public speeches by ECB policymakers since the last rate meeting.
Friday will end the trading week with hectic trading. Pan-European PMI data, followed by US PMI data. The European HCOB manufacturing purchasing managers' index (PMI) is expected to rise to 47.9 from 47.3 month-on-month, while the services component is expected to rise to 53.5 from 53.2. In the US, both the manufacturing and services components are expected to decline. The manufacturing component is expected to fall to 51.0 from 51.3 and the services PMI is expected to fall to 53.3 from 54.8.
Trading recommendation: Trade mainly with buy orders at the price level of 1.0773. We consider sell orders at the price level of 1.0710.
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