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EUR/USD Daily Forecast - 3 July

Monday, Jul 02 2018
EUR/USD Daily Forecast - 3 July

Yesterday, from Eurozone, Spanish Manufacturing PMI figures were released. Spanish manufacturing business conditions continued to improve at the end of the second quarter of 2018, although the rate of growth in the sector remained muted relative to earlier in the year. Output increased at the weakest pace in ten months, but the rate of growth in new orders accelerated. The headline IHS Markit Spain Manufacturing PMI – a composite single-figure indicator of manufacturing performance – was unchanged at 53.4 in June, signalling a solid monthly improvement in the health of the manufacturing sector, but one that was the joint-weakest in ten months. Operating conditions have now strengthened in each of the past 55 months.

In the US session ISM Manufacturing PMI figures were released. A measure of U.S. manufacturing activity surged in June likely as steel and aluminum tariffs caused disruptions to the supply chains, resulting in factories taking longer to deliver goods. The Institute for Supply Management (ISM) said on Monday its index of national factory activity jumped to a reading of 60.2 last month from 58.7 in May. A reading above 50 in the ISM index indicates an expansion in manufacturing, which accounts for about 12 percent of the U.S. economy.

There will be no major data releases both from Eurozone and USA tomorrow, so we can expect a bit steadier session.

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