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The new week has kicked off with the publication of upwardly revised readings of some economic reports. In the European session, the US unveiled upwardly revised figures of PMI indexes. In the New York Session, the positive existing home sales report was unveiled. This was the main driver for the US dollar's growth. The figure grew by 0.8% instead of a predicted fall of 1.0%. Yet, the market reaction was rather muted as data was released quite late.
US Existing Home Sales:
Today, the euro may continue to decline during the European session as preliminary estimates of PMI indexes are negative. The Manufacturing PMI Index is expected to decrease to 57.5 from 58.3. The Services PMI Index is likely to drop to 54.0 from 54.6. So, it is not surprising that the EU Composite PMI may edge lower to 53.7 from 54.2. Apparently, the euro will weaken amid the fall in all indexes.
IHS Markit Eurozone Composite PMI:
In the UK, PMI indexes may also nosedive. At least, the forecasts are extremely negative. Thus, the Services PMI index is expected to dip to 58.3 from 59.1. The Manufacturing PMI index may well decline to 57.1 from 57.8. As a result, the UK Composite PMI is likely to drop to 57.3 from 57.8.
The UK Composite PMI:
The US dollar is highly likely to move up after the opening of the American session amid upwardly revised PMI indexes. The Manufacturing PMI index is expected to rise to 58.8 from 58.4. The Services PMI may well climb to 59.0 from 58.7. The IHS Markit US Composite PMI is likely to increase to 58.2 from 57.6. Even if there is a small gain, investors will pay attention to the positive dynamic. In the EU, all the indexes are forecast to decline. This is why an increase in the US PMI indexes will give a boost to the US dollar.
The IHS Markit US Composite PMI:
The EUR/USD pair is in the oversold area. Nevertheless, the volume of short positions keeps growing, which indicates the subsequent weakening of the euro. The support level is located at 1.1170.
The GBP/USD pair is hovering below the 1.3400 level, which indicates a strong bearish trend. So, in the short term, the pair may reach a low of 1.3350.
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