When is the US flash S&P Global PMI data and how could it affect EUR/USD?

Sagar Dua FXStreet

US preliminary S&P Global PMIs Overview

The preliminary United States (US) S&P Global Purchasing Managers’ Index (PMI) data for February is due for release on Friday at 14:45 GMT.

S&P Global is expected to report that the US Composite PMI expanded at a faster pace due to higher output from both the manufacturing and services sectors. In January, the Composite PMI came in at 53.

According to flash estimates, the Manufacturing PMI will come in at 52.6, higher than 52.4 in January. The Services PMI, which gauges service-sector activity that accounts for the two-third of the economy, is seen higher at 53 from the previous reading of 52.7.

Investors will closely monitor the private sector PMI data to gauge the current state of economic demand.

How could US flash PMI affect EUR/USD?

During the press time, EUR/USD trades marginally down near 1.1765. Earlier in the day, the major currency pair recovered its Asian session losses in European trading hours, following the release of the upbeat Eurozone and German flash HCOB PMI data for February.

In the daily chart, EUR/USD trades close to its key support level of 1.1766. The 20-day Exponential Moving Average (EMA) has rolled over to 1.1818, and price holds beneath it, keeping rebounds capped. The flattening slope after an earlier ascent signals fading upside momentum.

The 14-day Relative Strength Index (RSI) at 45 has retraced from overbought levels of above 70.00, signaling weakening momentum.

Going forward, a close back above the 20-day EMA would ease pressure and open a recovery path towards the February 11 high of 1.1927. Failure to reclaim it would keep the risk skewed to the downside, with the January 22 low of 1.1670 as a key support level.

(The technical analysis of this story was written with the help of an AI tool.)

Economic Indicator

S&P Global Services PMI

The S&P Global Services Purchasing Managers Index (PMI), released on a monthly basis, is a leading indicator gauging business activity in the US services sector. As the services sector dominates a large part of the economy, the Services PMI is an important indicator gauging the state of overall economic conditions. The data is derived from surveys of senior executives at private-sector companies from the services sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. A reading above 50 indicates that the services economy is generally expanding, a bullish sign for the US Dollar (USD). Meanwhile, a reading below 50 signals that activity among service providers is generally declining, which is seen as bearish for USD.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.