Here are the key factors to keep in mind today for Euro trades:
- Eurozone Retail Sales: Consumers in the Eurozone may have drastically slowed down their appetite for shopping in May. Economists expect an increase of 0.1% in the month of May. Year-over-year retail sales are expected to increase by 2.3%. Forex traders can compare this to the 0.7% increase which was reported in April when retail sales posted an annualized increase of 2.2%. A slowdown in retail sales could have a bearish impact on the Euro during today’s trading session.
- Eurozone PMI: Forex traders will receive the final reading for the Eurozone Composite PMI as well as for the Eurozone Services PMI. Economists expected the Eurozone Services PMI to remain unchanged from the 54.4 originally reported for June. The Eurozone Composite PMI is also expected to show no change from the 54.1 which was reported previously. Before the Eurozone figures will be released, key Eurozone members, France, Germany and Italy will report their Services PMI as well as Composite OMI reports which will have an impact on the overall Eurozone figure. The French Services PMI is expected to show no change from the 54.1 which was originally reported and the French Composite PMI is also expected to remain unchanged at 53.4. Germany is also expected to show no change in its Services PMI which was reported at 54.2 while the German Composite PMI is also predicted to remain unchanged at 54.0. The Italian data could have an impact as economists expect the Italian Services PMI to be revised down to 52.3 in June which forex traders can compare to the originally reported 52.5. The Italian Composite PMI is expected to be revised down to 53.3 from the previously reported 53.7.
Here are the key factors to keep in mind today for British Pound trades:
- UK Markit/CIPS Composite PMI: Economists expect an increase to 56.7 in the Markit/CIPS Composite PMI for the month of June. Should expectations be met this would be a nice move up from the 55.8 which was reported in May.
- UK Markit/CIPS Services PMI: Expectations call for an increase of 1.0 point in the Markit/CIPS Services PMI in June to 57.5 from May’s 56.5. The UK is a service based economy and therefore a strong Services PMI is a very bullish signal for the currency.
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.