Just like the other major currencies, EURUSD had a volatile start to today’s trading on skepticism about the US-China trade deal. The currency pair dropped from an intraday high of 1.1280 to a low of 1.1232 after US trade adviser Peter Navarro remarked that the deal with China is over. However, EURUSD quickly recouped its losses as US President Trump calmed markets by saying that the deal is still on the table. It is now trading at 1.1268. Can the currency pair extend its gains with the eurozone PMIs due for release today?
Today’s roster of PMIs from the eurozone will begin at 8:15 am with the French services and manufacturing PMIs. The reports are eyed at 44.9 and 46.1, respectively. Then at 8:30 am GMT, Germany’s services PMI for June is seen at 41.7. Meanwhile, its manufacturing PMI is estimated at 41.5.
Finally, at 9:00 am GMT, the euro zone-wide services PMI is anticipated at 40.5 and its manufacturing PMI is seen at 43.8.
Better-than-expected numbers could help EURUSD extend its gains. Alternatively, worse-than-expected readings may weigh down the currency pair.
EUR/USD SHORT (Sell)
ENTER AT: 1.12900