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EUR/USD Daily Forecast – 03 January

Tuesday, Jan 02 2018
EUR/USD Daily Forecast – 03 January

Yesterday's session brough Spanish Manufacturing PMI figures.  December data pointed to another strong performance by the Spanish manufacturing sector at the end of 2017. Production rose sharply on the back of a solid increase in new orders. In order to support output growth, firms continued to raise employment and purchasing activity at elevated rates. The PMI posted 55.8 in December, down slightly from the near 11-year high of 56.1 in November but still signalling a marked monthly improvement in the health of the sector. Business conditions have now strengthened in each of the past 49 months.

In the US session, also,  Manufacturing PMI data was published. December data indicated a marked improvement in US manufacturing operating conditions. The latest upturn was supported by faster increases in output and new orders, amid reports of greater client demand. The seasonally adjusted IHS Markit final US Manufacturing Purchasing Managers’ Index™ (PMI™) registered 55.1 in December, up from 53.9 in November. The latest index reading was the highest since March 2015 and signalled a solid improvement in the health of the sector. December data also rounded off the strongest quarterly performance since the start of 2015.

 

Tomorrow, from Eurozone, Spanish Unemployment Change figures will be released. Analysts predict decline by 58,700. In the US session ISM Manufacturing PMI and FOMC Meeting Minutes will be published. No change is expected for Manufacturing PMI.

 

Figures to watch:

 

Spanish Unemployment Change (Wednesday 9:00)

ISM Manufacturing PMI (Wednesday 16:00)

FOMC Meeting Minutes (Wednesday 20:00)

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