EUR/USD saw a slight dip on Tuesday as investors brace for upcoming PMI figures from the EU and US. EU and US PMI figures are set to be released on Wednesday, with US GDP update and PCE inflation figures following on Thursday and Friday.
Forex Today: Global PMIs in Spotlight
The Pan-EU PMI figures are expected to show a slight increase in EU Services PMI to 53.0 in July. In the US, Services PMI for July is forecasted to dip slightly to 54.4. Traders are closely watching US economic indicators for signs of a rate cut from the Fed in September.
Looking ahead, quarterly US GDP figures for Q2 are due on Thursday, with Core PCE inflation expected to decrease to 2.5% year-over-year in June.
Euro PRICE This Week
The Euro showed mixed performance against major currencies this week, with the strongest gains seen against the Australian Dollar. Check out the table below for more details.
EUR/USD Technical Outlook
EUR/USD is currently hovering near 1.0850, struggling to find support. The pair remains above the 200-day EMA at 1.0804 but is at risk of further downside movement.
EUR/USD Hourly Chart
EUR/USD Daily Chart
Euro FAQs
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Analysis:
The EUR/USD pair dipped on Tuesday ahead of key data releases from the EU and US. Investors are closely monitoring PMI figures and US economic indicators for signs of a rate cut in September. The upcoming GDP and inflation data will provide further insights into the health of the US economy. Traders should keep a close eye on these developments as they can impact currency movements and trading strategies.