The European unemployment rate will be announced on Thursday at 12:00 MT time.
Will the Flash Manufacturing PMI support the EUR?
Euro Area Flash Manufacturing PMI will be released on Friday at 11:00 MT time.
Instruments to trade: EUR/USD, EUR/AUD, EUR/GBP, EUR/JPY
Similar to the same indicator in the UK, the Eurozone Manufacturing PMI’s drop in April was the steepest since its inception in 1997. From 44.5 in March it plunged to 33.4 in the next month. May’s Manufacturing PMI should be in the same spectrum noting the complicated state the European economy is in. Some countries still are experiencing local peaks of infection rates, others are struggling to keep the risk of the second wave of the virus at bay while the gradual economic reopening takes place. Therefore, it would be reasonable to expect the May Flash Manufacturing PMI in Europe to be comparably weak as in April. However, if it happens to positively surprise the market, the EUR will grow in value.
- If the figure is better-than-thought, the EUR will rise.
- Otherwise, the EUR will fall.
The Euro Area will publish the GDP growth on Tuesday, at 12:00 MT time.
The European Central Bank will unveil the refinancing rate and make the monetary policy statement on April 30 at 14:45 MT.
Canada will announce its monthly GDP on July 31, at 15:30 MT time.
The United States will release the advance GDP growth rate for the previous quarter on July 30, at 15:30 MT time.
The Federal Open Market Committee will make its statement and announce the interest rate on July 29, at 21:00 MT time.