News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • The Australian Dollar may extend its slide lower despite the planned easing of Covid-19 restrictions, as the market continues to price in an RBA rate cut on October 6. Get your #currencies update from @DanielGMoss here: https://t.co/HJpngnerzY https://t.co/g6X8ABQDwY
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your USD/INR market update here:https://t.co/ed4QR7QQOn https://t.co/gDWYNtm2UY
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here: https://t.co/NpC1D8y4Aa https://t.co/Q7TcbrYXjl
  • #Gold prices have plunged nearly 11% off the record highs with a breakout risking further losses. Here are technical trade levels that matter on the XAU/USD weekly chart. Get your #metals update from @MBForex here: https://t.co/7p3jPx6nQd https://t.co/yxymjCHti6
  • Traders tend to overcomplicate things when they’re starting out in the forex market. This fact is unfortunate but undeniably true.Simplify your trading strategy with these four indicators here:https://t.co/A4dqGMPylo https://t.co/yZzArpGs2h
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here: https://t.co/WjU4oYpmf7 https://t.co/VcNnCjm0B2
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/AiLoS7DrEQ
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here: https://t.co/3Wked6GBOp https://t.co/HicBmGrokK
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:https://t.co/7kPzAoNoLG https://t.co/5lbyBJeeA7
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/lAFyv1gM0P https://t.co/ubLimoYAcr
Euro, US Dollar Look to PMI and ISM Data for Policy Cues

Euro, US Dollar Look to PMI and ISM Data for Policy Cues

2013-06-05 06:45:00
Ilya Spivak, Head Strategist, APAC
Share:

The Euro and US Dollar remain focused on the outlook for ECB and Fed monetary policy, with PMI and ISM reports set to guide near-term expectations.

Talking Points

  • Euro to Rise if Final PMI Roundup Downgrades ECB Stimulus Bets
  • US Dollar Looks to Services ISM, Beige Book for Fed QE Taper Cues

A busy docket of growth indicators due in European trading hours will set the stage for the European Central Bank interest rate decision later in the week. The final set of May’s Eurozone PMI figures starts things off, with expectations putting the region-wide composite index at a three-month high of 47.7 (in line with flash estimates).

The metric has tended to outperform consensus forecasts since the beginning of the year however. A similar outcome this time around may to downgrade bets on an expansion of ECB stimulus efforts and boost the Euro. An upgrade in the second revision of first-quarter Eurozone GDP data would carry similar implications. Needless to say, disappointing results are likely to yield the opposite results.

Later in the day, the spotlight turns to the US calendar, where the ISM Non-Manufacturing Composite gauge will be in focus. Expectations call for the pace of service-sector growth to increase in May, snapping a two-month deceleration streak. The Federal Reserve is also set to release its Beige Book regional economic conditions survey.

Traders will interpret the outcomes through the prism of QE3 reduction probability. That means a soft result similar to the disappointing ISM Manufacturing print earlier in the weak is likely to boost risk appetite and weigh on the US Dollar as stimulus cutback expectations are downgraded. Needless to say, supportive data will probably yield the opposite result.

Capitalize on Shifts in Market Mood with the DailyFX Speculative Sentiment Index

Asia Session:

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Value of All Buildings s.a. (1Q)

5.8%

-

1.8%

23:01

GBP

BRC Shop Price Index (MAY)

-0.1%

-

0.4%

23:30

AUD

AiG Performance of Service Index (MAY)

40.6

-

44.1

1:00

NZD

ANZ Commodity Price (MAY)

-1.6%

-

12.6%

1:30

AUD

Gross Domestic Product (QoQ) (1Q)

0.6%

0.7%

0.6%

1:30

AUD

Gross Domestic Product (YoY) (1Q)

2.5%

2.7%

3.2%

1:45

CNY

HSBC Services PMI (MAY)

51.2

-

51.1

Euro Session:

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:45

EUR

Italian PMI Services (MAY)

47.5

47

Low

7:50

EUR

French PMI Services (MAY F)

44.3

44.3

Low

7:55

EUR

German PMI Services (MAY F)

49.8

49.8

Medium

8:00

EUR

Euro-Zone PMI Services (MAY F)

47.5

47.5

Medium

8:00

EUR

Euro-Zone PMI Composite (MAY F)

47.7

47.7

Medium

8:30

GBP

PMI Services (MAY)

53.2

52.9

Medium

8:30

GBP

Official Reserves – Changes ($) (MAY)

-

-1149M

Low

9:00

EUR

Euro-Zone GDP s.a. (QoQ) (1Q P)

-0.2%

-0.2%

High

9:00

EUR

Euro-Zone GDP s.a. (YoY) (1Q P)

-1.0%

-1.0%

High

9:00

EUR

Euro-Zone Household Consumption (QoQ) (1Q P)

-

-0.4%

Low

9:00

EUR

Euro-Zone Gross Fixed Capital (QoQ) (1Q P)

-

-1.1%

Low

9:00

EUR

Euro-Zone Gov’t Expenditure (QoQ) (1Q P)

-

-0.1%

Low

9:00

EUR

Euro-Zone Retail Sales (MoM) (MAY)

-0.2%

-0.1%

Medium

9:00

EUR

Euro-Zone Retail Sales (YoY) (MAY)

-0.6%

-2.4%

Medium

Critical Levels:

CCY

SUPPORT

RESISTANCE

EURUSD

1.3048

1.3134

GBPUSD

1.5277

1.5379

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, please CLICK HERE

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES