Event to pay attention to today:
11:00 GMT+3. EUR – ECB PMI Composite
EURUSD:
On Wednesday, the EUR/USD exchange rate declined by another fifth of a cent in anticipation of the release of new purchasing managers’ index (PMI) data on Thursday. In a bid to assuage economic concerns, ECB officials emphasised the need for prudence when contemplating prospective rate cuts. The euro saw an immediate decline in value, reaching a 16-week low in the wake of the announcement.
The latest global PMI data is scheduled for release on Thursday. Markets are anticipating positive results from the EU PMI, with average market forecasts indicating a slight increase in October’s EU services PMI to 51.6 from September’s 51.4. In the United States, mid-market forecasts anticipate a mixed outcome for the October PMI reading. The manufacturing PMI component is projected to increase to 47.5 from 47.3, while the services PMI component is expected to decline slightly to 55.0 from 55.2.
Trading recommendation: We follow the level of 1.0800, when fixing above it we consider Buy positions, when rebounding we consider Sell positions.
Origin: FreshForex
