Here is the key factor to keep in mind today for Euro trades:
- Eurozone PMI Report: This is the only economic report set for release out of the Eurozone today which means the impact will be magnified. It will be a welcome change from the news surrounding Greece and forex traders may put a greater amount of attention on this very important economic report which will give forex traders a first look at the overall Eurozone performance for June. Economists expect the Eurozone Composite PMI to come in at 53.5 in June, down 0.1 from the 53.6 reported in May. The Eurozone Manufacturing PMI is expected to remain unchanged at 52.2 while the Eurozone Services PMI is expected to come in at 53.6, down 0.2 from the 53.8 reported in May. Before the Eurozone PMI will be released, the French and the German PMI’s will be announced. Economists expect The French Composite PMI to remain unchanged at 52.0. The French Manufacturing PMI is expected to come in at 49.6, up 0.2 from the 49.4 reported in May while the French Services PMI is expected to come in at 52.6, down 0.2 from the 52.8 reported in May. The German Composite PMI is expected to come in at 52.7, up 0.1 as compared to the 52.6 reported in May. The German Manufacturing PMI is expected to come in at 51.2, up 0.1 from the 51.1 reported in May and the German Services PMI is expected to remain unchanged at 52.0.
Here are the key factors to keep in mind today for US Dollar trades:
- US Durable Goods Orders: Durable goods orders are expected to decrease by 1.0% in May which would follow a 1.0% contraction reported in April. Excluding transportation durable goods orders are expected to increase by 0.5% which can be compared to the 0.2% contraction reported in the previous month.
- US House Price Index: Expectations call for an increase of 0.5% monthly for April in the House Price Index. Forex traders can compare this to the 0.3% increase reported in March.
- US Markit Manufacturing PMI: Economists expected the Markit Manufacturing PMI to rise by 0.1 in June to 54.1 from the 54.0 reported in May.
- US New Home Sales: The US housing market is expected to slow down its growth rate in May with an increase of 1.6% monthly in new home sales. This can be compared to the 6.8% increase reported in April.
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