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PMI reports on Wednesday will influence EUR, GBP, and USD

PMI reports on Wednesday will influence EUR, GBP, and USD

Information is not investment advice

What will happen?

Wednesday will please traders as many economic indicators will be out! The USA, UK, and Euro Area will release PMI reports on June 23 from 10:15 to 16:45 MT. The full schedule is presented in the picture below. What to expect? All the countries are gradually recovering from the Covid-19 pandemic crisis, thus, in general, the figures are getting better and better. However, the UK has tightened the social distancing rules as virus cases continue to rise, so its data can come worse.

How to trade on the PMI reports?

The good thing about these releases is that they are easy to interpret.

  • If the actual numbers are better than the forecasted, the currency will rise.
  • If the releases disappoint, the currency will fall.

One more tip! Ahead of the release, determine support and resistance levels for the pairs that have the needed currency in them (for example, for EU PMI report – EUR/USD). If the difference between the forecast and the actual number is big, the price will likely break those levels.

Instruments to trade: EUR/USD, EUR/GBP, GBP/USD

Check the economic calendar

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FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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