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EUR/USD Daily Forecast - 06 March

Monday, Mar 05 2018
EUR/USD Daily Forecast - 06 March

From Eurozone, yesterday, Spanish Services PMI figures were released. Spanish service providers continued to benefit from strengthening underlying demand in February, seeing new orders rise sharply. On the price front, both input costs and output prices rose at sharper rates amid higher staff costs and a greater ability to increase prices for good quality services. The headline seasonally adjusted Business Activity Index improved to 57.3 in February from 56.9 in January. This signalled a sharp monthly increase in service sector output, and one that was the sharpest since July last year. Activity has now risen in each of the past 52 months.

In the US session ISM Non-Manufacturing PMI data was published. The NMI® registered 59.5 percent, which is 0.4 percentage point lower than the January reading of 59.9 percent. According to the NMI®, 16 non-manufacturing industries reported growth. The non-manufacturing sector reflected the second consecutive month of strong growth in February. The decrease in the Employment Index possibly prevented an even stronger reading for the NMI® composite index. The majority of respondents’ continue to be positive about business conditions and the economy.

 

There will be no major data releases both from Eurozone and USA tomorrow, so we can expect a bit steadier session.

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