Euro Forex Market Improves Ahead of ISM Data

Euro Forex Market Improves Ahead of ISM Data

The Euro Forex market closed at 0.9227, a gain of 0.0363% on the day and 1.6675% for the week., according to figures from XE. The euro traded as high as $1.1411 before closing below that level by 0.05%. Today’s gains mostly came after European Central Bank President Mario Draghi said he expected rates would remain unchanged in 2019, supporting currency markets across Europe.,

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The “ism manufacturing pmi” is an indicator of the euro forex market. The ISM Manufacturing Index is released on a monthly basis and provides information about the manufacturing sector in the United States.

Euro Forex Market Improves Ahead of ISM Data

Euro Forex Market Improves Ahead of ISM Data

 

  • EUR & GBP Both Performing Steadily 
  • The market awaits the release of the US ISM Manufacturing PMIs.
  • Stock futures are rising to begin the new month.

The Euro forex market is holding its ground against the Dollar, despite the fact that the Dollar’s status as the safe haven of choice in the present market is unlikely to change. Rising bond rates have supported the dollar this week, but inflation remains a major worry. With that in mind, today’s focus will be on the US ISM PMIs, which will be released later. Meanwhile, Wall Street is attempting to reclaim the bullish momentum it had at the close of last week.

Both the pound and the euro are still in play.

Following some market jitters to begin a shorter week in the United States, the dollar has risen marginally. The Euro and the Pound, on the other hand, have managed to hold on to the majority of their rebound gains. A more cautious tone in the UK makes it difficult for the Pound to gain much ground, especially given the continuing Brexit border tensions with the EU and the country’s current political predicament. 

On the Euro front, the single currency has recovered strongly from multi-year lows and is now stabilizing above 1.07. Inflation data from the area that is higher than expected looks to be supporting the Euro stay higher, maybe due to expectations that the ECB would switch to a tighter monetary policy.

The PMI is the day’s main focus.

Forex brokers and traders alike are watching the US PMIs, particularly the ISM Manufacturing PMI for May. The data will very certainly have an influence on the market, given how sensitive the present climate is to economic data, especially as it pertains to inflation. The ISM PMI is predicted to drop to 54.5 in May, down from 55.4 in April. 

The overall picture, not just for forex traders, but for the whole economy, reveals that salary buying power is eroding. This has been the case for over a year and will continue to be the case. On the other hand, both the PCE and the most recent CPI figures revealed very significant inflation. 

Stocks Attempt to Maintain Their Gains

In recent weeks and months, Wall Street has suffered and battled. Last week, after many weeks of poor performance, all of the main indexes saw significant rises. Despite a rough start to the week, all three markets have started in the black for the day and the month.

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The Dow Jones and S&P 500 have both added around 0.5% early on in trading while the tech-heavy Nasdaq leads the way with gains of more than 1% so far on the shortened trading week. Traders will be hoping these gains are sustained to take the markets out and away from the bear territory which they have been hovering in or around recently.

The “ism historical data” is a leading indicator of the Euro Forex market. The ISM index is expected to show improvement with the release of positive economic data.

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