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EURUSD:
EUR/USD consolidated at familiar levels on Tuesday, moving near 1.0800 on the chart as investors await US President Donald Trump’s long-threatened ‘retaliatory’ tariff package.
ISM’s US manufacturing PMI for March declined faster than expected, falling to 49.0 from 50.3, as businesses limped ahead of the expected tariff announcement. Average market forecasts had expected the index to come in at 49.5 or higher. ISM’s manufacturing new orders index also fell sharply for the second consecutive month, dropping to a two-year low of 45.2.
European economic data remains strictly average for the rest of the trading week, but most traders will be busy juggling tariff reactions until Wednesday anyway. However, fresh US Non-Farm Payrolls (NFP) data is due out this Friday. The release of NFP could be an important trigger point for markets as the US economy moves into a post-tariff economic environment and the March labour data will serve as an ‘indicator’ of the impact of the Trump team’s tariff plans.
Trade recommendation: BUY 1.0810, SL 1.0730, TP 1.0930
Origin: FreshForex
