Here are the key factors to keep in mind today for Euro trades:
- Italian Markit/ADACI Manufacturing PMI: The Italian Markit/ADACI Manufacturing PMI for August was reported at 56.3. Economists predicted a figure of 55.3. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for July which was reported at 55.1.
- Final French Markit Manufacturing PMI: The Final French Markit Manufacturing PMI for August was reported at 55.8. Economists predicted a figure of 55.8. Forex traders can compare this to the previous Final French Markit Manufacturing PMI for August which was reported at 55.8.
- Final German Markit/BME Manufacturing PMI: The Final German Markit/BME Manufacturing PMI for August was reported at 59.3. Economists predicted a figure of 59.4. Forex traders can compare this to the previous Final German Markit/BME Manufacturing PMI for August which was reported at 59.4.
- Final Eurozone Markit Manufacturing PMI: The Final Eurozone Markit Manufacturing PMI for August was reported at 57.4. Economists predicted a figure of 57.4. Forex traders can compare this to the previous Final Eurozone Markit Manufacturing PMI for August which was reported at 57.4.
- Italian Final GDP: The Final Italian GDP for the second-quarter increased by 0.4% quarterly and by 1.5% annualized. Economists predicted an increase of 0.4% quarterly and of 1.5% annualized. Forex traders can compare this to the previous Italian GDP for the second-quarter which increased by 0.4% quarterly and by 1.5% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US NFP Report: The US NFP Report for August is predicted to show 180K job additions and an unemployment rate of 4.3%. Forex traders can compare this to the US NFP Report for July which showed 209K job additions and an unemployment rate of 4.3%. Private Payrolls for August are predicted to show 170K job additions and Manufacturing Payrolls 9K job additions. Forex traders can compare this to Private Payrolls for July which showed 205K job additions and Manufacturing Payrolls which showed 16K job additions. The Average Work Week for August is predicted at 34.5 hours. Forex traders can compare this to the Average Work Week for July which was reported at 34.5 hours. Average Hourly Earnings for August are predicted to increase by 0.2% monthly and by 2.6% annualized. Forex traders can compare this to Average Hourly Earnings for July which increased by 0.3% monthly and by 2.5% annualized.
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for August is predicted at 52.5. Forex traders can compare this to the first US Markit Manufacturing PMI for August which was reported at 52.5.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for August is predicted at 56.5. Forex traders can compare this to the US ISM Manufacturing Index for July which was reported at 56.3. ISM Prices Paid are predicted at 62.0. Forex traders can compare this to ISM Prices Paid for July which were reported at 62.0. ISM New Orders are predicted at 60.0. Forex traders can compare this to ISM New Orders for July which were reported at 60.4.
- Final US Michigan Consumer Confidence: Final US Michigan Consumer Confidence for August is predicted at 97.5. Forex traders can compare this to previous US Michigan Consumer Confidence for August which was reported at 97.6. Final Current Conditions for August are expected at 110.9 and Final Expectations are predicted at 88.3. Forex traders can compare this to previous Current Conditions for August which were reported at 111.0 and to previous Expectations which were reported at 89.0.
- US Construction Spending: US Construction Spending for July is predicted to increase by 0.5% monthly. Forex traders can compare this to US Construction Spending for June which decreased by 1.3% monthly.
Should price action for the EURUSD remain inside the or breakout above the 1.1870 to 1.1920 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1890
- Take Profit Zone: 1.2070 – 1.2120
- Stop Loss Level: 1.1850
Should price action for the EURUSD breakdown below 1.1870 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1850
- Take Profit Zone: 1.1670 – 1.1720
- Stop Loss Level: 1.1920
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
