24 July 2024, EUR/USD
Event to watch out for today:
11:00 GMT+3. EUR - Composite PMI
16:45 GMT+3. USD - Composite PMI
EURUSD:
EUR/USD is down by a third of a percent on Tuesday as investors are in anticipation of the twin bloc of purchasing managers' indices (PMIs) due out today in the EU and the US.
The pan-European PMI data will start the early European session on Wednesday and markets are expecting a slight rise in the EU services PMI to 53.0 in July after June's reading of 52.8.
In the U.S., the U.S. Services PMI for July is expected to decline slightly to 54.4 from June's reading of 55.3. Global markets are widely expecting a rate cut by the Federal Reserve (Fed) in September, and investors are closely monitoring US economic data looking for further signs of easing to confirm the rate outlook. Traders currently estimate a nearly 100% chance that the Federal Open Market Committee (FOMC) will cut rates by at least a quarter point during its September 18 meeting.
This week, quarterly US Gross Domestic Product data is scheduled for Thursday and Personal Consumption Expenditures (PCE) price index inflation is scheduled for Friday. U.S. second-quarter GDP is forecast to rise to an annualized rate of 1.9% from 1.4%, while core PCE inflation on Friday is expected to fall further to an annualized rate of 2.5% for the year ended June, down from 2.6% the previous month.
Trading recommendation: Watch the level of 1.0840, on the rebound take Buy positions. If it is consolidated below, take Sell positions.
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