Should We Focus on the Preliminary PMI Figures from Various Countries?
24.05.2022
- France: Manufacturing/Services PMI
- Remarks by U.S. Federal Reserve Chair Powell
Yesterday, the U.S. dollar traded slightly weaker against both European and Oceania currencies, while the AUD/USD pair rose slightly from 0.703 to 0.712. From a technical perspective, the AUD/USD pair has been on an upward trend since rebounding from its low on the 12th of this month, so we will wait and see if there is further upside potential.
European currencies rose after ECB President Lagarde stated in a blog post that “it will be possible to raise the policy interest rate in July.” The euro/dollar pair, in particular, saw significant price movement, rising more than 130 pips from 1.056 to 1.069.We will keep a close eye on whether this upward trend continues, while paying close attention to remarks by Federal Reserve Chair Powell later today.
Today, at 16:15, France’s Manufacturing/Services PMI (flash estimate); at 16:30, Germany’s Manufacturing/Services PMI (flash estimate); at 17:00, the Eurozone’s Manufacturing/Services PMI (flash estimate); at 17:30, the UK’s Manufacturing/Services PMI (flash estimates) at 17:00, U.S. Manufacturing/Services PMI (flash estimates) at 22:45, U.S. New Home Sales at 23:00, remarks by Fed Chair Powell at 25:20, a U.S. 2-year Treasury auction at 26:00,at 26:15: Remarks by UK MPC Member Tenreyro; at 27:00: Remarks by European Central Bank President Lagarde. Keep an eye on economic indicators scheduled for release from Europe through U.S. trading hours.
