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It’s the third week of the month, which means a fresh set of PMI readings from the top eurozone economies. How might the euro react?

Here’s a shortlist of market events you need to watch out for:

Flash PMI readings (June 23, starting 8:15 am GMT)

  • Provides an early glimpse into how business sectors fared in the current month and considered a leading indicator of economic activity
  • French flash services PMI to climb from 31.1 to 44.9
  • French flash manufacturing PMI likely improved from 40.6 to 46.1
  • German flash manufacturing PMI to rise from 36.6 to 41.5
  • German flash services PMI up from 32.6 to 41.7
  • Eurozone flash manufacturing PMI to increase from 39.4 to 43.8
  • Eurozone flash services PMI to climb from 29.0 to 39.1
  • Readings above 50 reflect industry expansion, below 50 signals contraction

Mid-tier euro zone data

  • Consumer confidence index (June 22, 3:00 pm GMT) likely climbed from -19 to -15
  • German IFO business climate index (June 24, 9:00 am GMT) to rise from 79.5 to 85.0

Overall market sentiment

  • The euro and franc tend to get pushed around by risk flows, with safe-haven demand typically lifting these lower-yielding European currencies
  • Geopolitical risks are still heightened, and escalating tensions could be bullish for the euro and franc

Technical snapshot

  • Long-term trend strength analysis paints a mixed picture of euro pairs, with EUR/AUD deep in the bearish region
  • EUR/GBP and EUR/USD are in bullish territory
EUR Pairs Trend Strength from MarketMilk
EUR Pairs Trend Strength from MarketMilk
EUR Pairs Stochastic from MarketMilk
EUR Pairs Stochastic from MarketMilk
  • As for franc pairs, Stochastic shows that CHF/JPY, EUR/CHF, and GBP/CHF are giving off bullish vibes in the oversold region
  • CHF Pairs Stochastic from MarketMilk
    CHF Pairs Stochastic from MarketMilk

Missed last week’s price action? Read EUR & CHF’s price recap for June 15 – 19!