When is the US ISM Non-Manufacturing PMI and how could it affect EUR/USD?

US ISM Non-Manufacturing PMI Overview

The Institute of Supply Management (ISM) will release the Non-Manufacturing Purchasing Managers' Index (PMI) - also known as the ISM Services PMI at 15:00 GMT this Wednesday. Consensus estimates point a modest downtick to 54.5 in November as compared to the previous month's stronger-than-expected reading of 54.7.

Analysts at TD Securities are also expecting a mild decline in the US Non-Manufacturing index, largely reflecting the recent moderation in consumer spending. “Following the surprise to the downside in the manufacturing survey, we look for a modest decline in the non-manufacturing index to a still firm 54.5 in November following last month's 2pt gain to 54.7.”

How could it affect EUR/USD?

 “If the services PMI is below forecast equites, bond yields and the dollar will pay the penalty. If the result is better than anticipated the impact will be negligible, it will not be enough to counter the recent spate of bad news,” explains Joseph Trevisani, Senior Analyst at FXStreet.

Meanwhile, Yohay Elam, FXStreet's own analyst, offered important levels to trade the EUR/USD pair: “Above 1.11, the next level to watch is 1.1130, which has provided support early in November. It is followed by 1.1180 – another double-top, holding the currency pair down in October and November.”

“Looking down, support awaits at 1.1050, which held EUR/USD up in late November. Next, 1.1035 capped it before the recent surge. November's low at 1.0980 is another significant level,” Yohay added further.

Key Notes

   •  US Services PMI November Preview: Manufacturing indicates lower

   •  EUR/USD: Bulls need big miss on US data to force a breakout

   •  EUR/USD Forecast: Ready to resume the rally? Data, double-top, and Donald Trump hold the keys

About the US ISM non-manufacturing PMI

The ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector. It is worth noting that services constitute the largest sector of the US economy and result above 50 should be seen as supportive for the USD.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD off 7-month highs, still firmer as Tories hold the lead

GBP/USD retraces from the new seven-month highs of 1.3180 but remains strongly bid, as weekend polls have reaffirmed a solid lead for PM Johnson's Conservatives. Cable dropped on Friday amid upbeat US data.


EUR/USD steadying above 1.1050 amid upbeat German export data

EUR/USD is trading above 1.1050, attempting a recovery after Germany reported an increase in exports in October. EUR/UDS dropped sharply on Friday amid upbeat US Non-Farm Payrolls and weak German industrial output. 


Forex Today: US-Sino trade tensions prevail, Boris closer to victory, EUR/USD licking its wounds

Trade talks: President Donald Trump has called on the World Bank to stop lending to China, a move that may aggravate tensions, with only six days to go until Washington is set to slap new tariffs on Beijing. Negotiations continue.

Read more

Gold clings to modest gains above $1460 level, lacks follow-through

The latest NFP report surpassed most optimistic estimates, which provided a goodish intraday lift to the US dollar and eventually prompted some aggressive selling around the dollar-denominated commodity.

Gold News

USD/JPY in search of a firm direction, stuck in a range above mid-108.00s

USD/JPY was seen oscillating in a narrow band and consolidated last week’s losses. US-China trade uncertainties continued underpinning the JPY’s safe-haven status. Investors now seemed reluctant ahead of the latest FOMC monetary policy update.