When is the US ISM Manufacturing PMI and how could it affect EUR/USD? – by hareshmenghani Manufacturing UnitedStates Fed EURUSD Currencies
ch at 14:00 GMT this Monday. The index is expected to remain in contraction territory for the fifth straight month and come in at 47.5 for March. Given that the Fed looks more at inflation than growth, investors will keep a close eye on the Prices Paid sub-component, which is anticipated to rise to 53.8 from 51.3 in February.Ahead of the key release, the risk-on mood weighs on the safe-haven US Dollar and assists the EUR/USD pair to stage a goodish rebound from sub-1.
Conversely, a stronger print is unlikely to provide any respite to the USD, suggesting that the path of least resistance for the USD is to the downside and supports prospects for a further near-term appreciating move for. That said, any immediate market reaction is likely to be limited as the focus remains on this week's release of the closely-watched US monthly employment details - popularly known as the NFP report - on Friday.
Eren Sengezer, European Session Lead Analyst at FXStreet, offers a brief technical overview and outlines important technical levels to trade the EUR/USD pair: “With the latest rebound, the Relative Strength Index indicator on the four-hour chart rose to 50, suggesting that sellers are struggling to stay in control. On the downside, 1.0820 aligns as key support level. If the pair falls below that level and starts using it as resistance, it is likely to meet interim support at 1.
“On the other hand, 1.0860 is the first resistance ahead of 1.0900 and 1.0930 ,” Eren adds further.
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