May, 2, 2022 – 7:32:46 AM GMT
Fundamental Overview
|
GMT |
Event |
Vol. |
Actual |
Consensus |
Previous |
|---|---|---|---|---|---|
|
SUNDAY, MAY 01 |
|||||
|
24h |
EUR Labor Day Observed |
||||
|
24h |
GBP Early May |
||||
|
MONDAY, MAY 02 |
|||||
|
09:00 |
EUR Consumer Confidence |
-22.0 |
-16.9 |
-21.6 |
|
|
13:30 |
CAD S&P Global Manufacturing PMI |
57.9 |
58.9 |
||
|
13:45 |
USD S&P Global Manufacturing PMI |
59.7 |
59.7 |
||
|
14:00 |
USD ISM Manufacturing PMI |
57.6 |
57.1 |
||
|
14:00 |
USD ISM Manufacturing Prices Paid |
87.5 |
87.1 |
||
|
14:00 |
USD ISM Manufacturing New Orders Index |
57.7 |
53.8 |
||
|
14:00 |
USD ISM Manufacturing Employment Index |
54.7 |
56.3 |
||
|
14:00 |
USD Construction Spending (MoM) |
0.7% |
0.5% |
||
EUR/USD started the last trading day of April on firm footing and has advanced beyond 1.0550 after having closed the previous six trading days in negative territory. The pair faces the next hurdle at 1.0600 and it could target 1.0660 next if that level turns into support.
The heavy selling pressure surrounding the dollar and the latest data releases from the euro area help EUR/USD push higher early Friday.
Germany’s Destatis announced that the German economy grew by 3.7% (YoY) in the first quarter, compared to analysts’ estimate of 3.6%. More importantly, the annual Harmonised Index of Consumer Prices (HICP) in the euro area rose to 7.5% in April from 7.4% in March and the Core HICP jumped to 3.5% in the same period, surpassing the market expectation of 3.2%.
In the second half of the day, the Personal Consumption Expenditures (PCE) Price Index, the Fed’s preferred gauge of inflation, will be released alongside Personal Income and Personal Spending figures for March. Investors see the Core PCE Price Index, which excludes volatile food and energy prices, edging lower to 5.3% from 5.4% in February.
A softer-than-expected inflation print could cause the dollar to continue to weaken ahead of the weekend. On the other hand, the dollar might still find it difficult to stage a rebound even if the data surprises to the upside. Month-end flows and profit-taking should help EUR/USD preserve its bullish momentum in the second half of the day
