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Investors Should Keep an Eye on PMI Releases from European to U.S. Trading Hours

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Investors Should Keep an Eye on PMI Releases from European to U.S. Trading Hours

22.07.2022

Today's Highlights
  1. European Manufacturing/Services PMI
  2. Retail Sales (Canada)

In the U.S. currency market the previous day, the corrective decline paused, and the GBP/USD pair traded in a range between 1.1889 and 1.2003.Yesterday’s U.S. initial jobless claims came in at 251,000, exceeding the market forecast of 240,000, marking the third consecutive week of deterioration; however, the currency remained firm against the euro.During today’s Asian session, the pair is attempting to move lower around 1.1959. Since the 75-period and 20-period moving averages on the 4-hour chart appear poised to form a death cross, traders should be cautious of a potential decline.

European currencies saw the euro strengthen temporarily yesterday after the ECB implemented its first significant rate hike in 22 years, raising the policy rate to 0.50%. However, the euro retreated following ECB President Lagarde’s press conference, and the EUR/USD pair fluctuated between 1.027 and 1.015.The EUR/USD pair is finding support at the 20-period moving average (MA) on the 4-hour chart, but on the daily chart, the 20-period MA is capping the upside, so we should exercise caution in assessing the direction of the market.

Today, UK retail sales are scheduled for 15:00 during Asian trading hours; French manufacturing and services PMIs are scheduled for 16:15 during European trading hours; German manufacturing and services PMIs are scheduled for 16:30; Eurozone manufacturing and services PMIs are scheduled for 17:00; and UKmanufacturing and services PMIs, Canadian retail sales at 21:30 during U.S. trading hours, and U.S. manufacturing and services PMIs at 22:45. I plan to monitor price movements while paying close attention to the PMI releases from European through U.S. trading hours.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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