ISM manufacturing PMI to tick higher; services PMI to lose some pace. Business outlook could stay unchanged; rate cut forecasts will remain inflation-driven.
stays neutral after core PCE inflation; needs a strong rebound above 1.0885. While Friday's US nonfarm payrolls report will be the big event next week, business surveys could showcase early signs of hiring trends and changes in inflationary pressures, and therefore influence investors’ thoughts on rate cut timing. May’s ISM PMI release came below expectations, displaying a faster moderation in manufacturing activity for the second consecutive month in the contraction area below 50.
today, leaving the pair below the nearby resistance of 1.0725. For the bulls to stay in the driver’s seat in the coming sessions, the pair must claim its simple moving averages within the 1.0770-1.0788 region in order to advance towards the 1.0850 barrier, which blocked buyers on June 12. Even higher, a sustainable rally above 1.0885 could shift the focus back to April’s upleg. On the downside, sellers could take control below the 1.0660 support area, likely pressing the price towards the 1.
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