After the Asian trading session produced several key PMI reports which disappointed without exception, forex traders will focus on PMI data out of the Eurozone where the risk of further disappointment has increased. The EURUSD has rallied over the past few trading sessions, but will the rally continue if this morning’s data comes in weaker than expected as it did in Australia and Japan? The ECB meeting will also be closely followed, what impact will it have on the EURUSD? Today’s fundamental analysis will take a look at price action in both directions.

Today’s PMI heavy data day will continue during the US session where forex traders may had time to prepare for weaker than expected data. Durable goods orders will also be in focus where economists already expected a contraction. Housing data, initial jobless claims as well as a regional manufacturing report will further add to the list of items forex traders will sort through. How will this influence price action in the EURUSD? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.