Once in a month, the euro has a very special day of increased volatility at the start of the European trading session.
ISM manufacturing PMI is in focus
Information is not investment advice
Traders await the release of ISM manufacturing PMI at 17:00 MT time.
The ISM manufacturing PMI stands for the purchasing managers' index by ISM. This indicator is calculated based on the survey of about 400 purchasing managers, which asks respondents to rate the level of business conditions.
If the indicator is above 50, it shows the expansion of an industry. On the contrary, the index below 50 indicates a slowdown.
The previous data
Last time manufacturing PMI came out at the lower-than-expected level of 47.2 (vs. the forecast of 49). It weakened the USD.
Now we anticipate manufacturing PMI to reach 48.5. Higher figures will push the USD up. In case of an alternative scenario, the USD will weaken.
The main focus of traders will be on US inflation at 15:30 GMT+3. Analysts expect the huge spike of the US inflation.
The United States will release the weekly Initial Jobless Claims on May 13, at 15:30 MT time
The United States will publish a monthly Inflation Rate and Core Inflation Rate on May 12, at 15:30 MT time.