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
The U.S. dollar traded slightly weaker against both European and Oceania currencies yesterday, while the AUD/USD pair rose modestly 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 "a policy rate hike in July is possible." The euro/dollar pair saw particularly sharp movement, climbing more than 130 pips from 1.056 to 1.069. We will be watching closely to see if this upward trend continues, while keeping an eye on remarks from Fed 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 estimate); and at 22:45, the U.S. Manufacturing/Services PMI (flash estimate) at 10:45 PM, U.S. New Home Sales at 11:00 PM, remarks by Fed Chair Powell at 1:20 AM, a U.S. 2-year Treasury auction at 2:00 AM, remarks by MPC member Tenreiro at 2:15 AM, and remarks by ECB President Lagarde at 3:00 AM.We should pay close attention to the economic indicators scheduled for release from Europe through U.S. trading hours.
Author: Keisuke Sakurai
