US ISM Manufacturing PMI April Preview: Gloom persists despite expanding US economy – by FXstreetNews Manufacturing PMI Macroeconomics UnitedStates EconomicIndicator
Analysts at TD Securities offer a brief preview of the key macro data and explain:
When will the ISM manufacturing Purchasing Managers’ Index report be released and how could it affect EUR/USD?Ahead of the key release, the US Dollar staged a decent comeback from two-week lows, fuelling a corrective downside in the EUR/USD pair toward 1.1000. The main currency pair hit a new 13-month high at 1.1096 last Wednesday.
Last week, even though the headline US Q1 GDP number missed estimates of 2.0% QoQ by a wide margin at 1.1%, resilient personal consumption, inventories accumulation and a higher inflation component grabbed investors’ attention and ramped up odds of a quarter percentage point Fed rate hike next week to 86%. At the start of the week, the probability of a 25 bps Fed May rate hike stood at around 75%.
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