EUR/USD Daily Forecast – 03 January

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Monday, Jan 02 2017

EUR/USD Daily Forecast – 03 January

Yesterday from Eurozone Spanish Manufacturing PMI figures were released. Growth continued to strengthen in the Spanish manufacturing sector in December, with rates of expansion in output and new orders the fastest since the start of 2016. Firms took on extra staff at a marked pace accordingly. Inflationary pressures continued to build, with rises in both input costs and output prices at multi-year highs.

The PMI rose to 55.3 in December, up from 54.5 in the previous month and signalling a marked monthly strengthening of the health of the sector. Moreover, the latest improvement was the greatest since January. Business conditions have now strengthened in each of the past 37 months. Manufacturing production rose sharply in December, and at the fastest pace since January. The rate of growth has now accelerated in four consecutive months, with panellists mentioning higher new orders.

From Eurozone, tomorrow, German CPI and Unemployment Change figures will be published. Number of unemployed is expected to decrease by 5,000. In the US session Manufacturing PMI data is scheduled for a release. Analysts forecast incline to 53.7.

Figures to watch:

German Prelim CPI (Tuesday)

German Unemployment Change (Tuesday 9:55)

ISM Manufacturing PMI (Tuesday 16:00)

More in this category: « GBP/USD Daily Forecast – 03 January AUD/USD Daily Forecast – 04 January »

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