US ISM Manufacturing PMI Overview
The Institute of Supply Management (ISM) will release its latest manufacturing business survey result, also known as the ISM Manufacturing PMI at 14:00 GMT this Tuesday. Consensus estimate point to a modest recovery in the manufacturing sector activity and the index is seen rebounding from the previous month's reading of 47.8 to 48.9 in October – marking the third consecutive month of contraction.
How could it affect EUR/USD?
Ahead of the release, FXStreet Editor Pablo Piovano offered important technical levels to trade the EUR/USD pair – “The upside in EUR/USD continues to struggle in the proximity of monthly peaks in the 1.1180 region. A break above this area should put the critical 200-day SMA just below 1.1200 the figure back on the investors’ radar. On the broader view, while above recent lows in the 1.1070 region, the immediate bullish stance remains unchanged. This area is also reinforced by the proximity of the 55-day SMA in the 1.1040 region.”
Key Notes
• US October Manufacturing PMI Preview: Waiting for the China deal
• EUR/USD faces the next hurdle at 1.1197 ahead of 1.1283 – Commerzbank
• EUR/USD remains focused on 1.1180 – UOB
About the US ISM manufacturing PMI
The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector. It is a significant indicator of the overall economic condition in the US. A result above 50 is seen as positive (or bullish) for the USD, whereas a result below 50 is seen as negative (or bearish).
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