Private Sector PMIs Put the EUR and GBP in Focus
Private sector PMI numbers and Oval Office chatter to provide direction on the day.
For the EUR
It’s a busy day ahead for the EUR. France, Germany and the Eurozone’s prelim June private sector PMI numbers are due out later this morning.
Any improvement in Germany’s manufacturing PMI would be positive for the EUR. With the ECB promising support and Trump and Xi meeting next week, the markets will likely be able to accept yet another month of contraction.
In May, the Eurozone’s composite PMI rose from 51.5 to 51.8, supported by the services sector. Service sector activity will need to remain resilient to support the EUR on the day.
For the Pound
It’s a quiet day ahead, with no material stats due out of the UK today.
While monetary policy divergence provided the Pound with upside against the Greenback mid-week, the focus will likely return to Brexit and the leadership race.
Brexiteer Boris Johnson and Jeremy Hunt go head-to-head into tomorrow’s final vote.
Trading Central – EURUSD : sentiment is a Buy to 1.1340 if above 1.1275.
Trading Central – EURGBP : sentiment is a Buy to 0.8951 if above 0.8862.
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