23 July 2024, EUR/USD
Event to watch out for today:
17:00 GMT+3. USD - Existing Home Sales
EURUSD:
EUR/USD fluctuated just below 1.0900 on Monday as the new trading week started on a rather weak note. There will be little meaningful data in the first half of the trading week, so traders will have to be on the lookout for key Purchasing Managers' Index (PMI) data on Wednesday in both the EU and the US.
Things will remain roughly flat on Monday and Tuesday, with markets looking ahead to the start of the week's calendar of meaningful economic data on Wednesday. Tuesday will see the release of average US existing home sales data for June. EUR/USD traders will focus on Wednesday's double block of purchasing managers' index (PMI) data. The EU Manufacturing and Services PMI for July is expected to rise slightly, while the Services PMI for the month is expected to come in at 53.0, up from 52.8 in the previous month.
On Wednesday, the US will release its own PMI data. Forecast models predict that the July US Services PMI will fall to 54.4 from the previous reading of 55.3. Thursday will continue the trend of important data releases from the U.S., particularly the second quarter 2024 annualized gross domestic product (GDP). The trading week will end on Friday with the release of the Personal Consumption Expenditures (PCE) price index, which will provide key US inflation data.
Trading recommendation: Watch the level of 1.0900. If consolidate above it, take Buy positions, on the rebound take Sell positions.
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