The June flash PMI readings from the manufacturing and services sectors are comin’ right up! Will improvements give the pound a boost?
Here’s a shortlist of market events you need to watch out for:
Flash PMI readings (June 23, 9:30 am GMT)
- Provides an early glimpse into how the manufacturing and services sectors fared in the current month
- Also considered a leading indicator of economic activity
- Readings above 50 reflect industry expansion, below 50 signals contraction
- June manufacturing PMI projected to have climbed from 40.7 to 45.2
- June services PMI probably improved from 29.0 to 39.1
Mid-tier U.K. data
- CBI industrial order expectations (June 22, 11:00 am GMT) to rise from -62 to -50
- CBI realized sales (June 25, 11:00 am GMT) to climb from -50 to -35
- GBP/CHF and GBP/JPY are looking most bullish of the bunch while EUR/GBP is in the oversold region.
- However, long-term trend strength analysis from moving averages paints a different picture.
- The 200 SMA and 50 SMA suggest that most currency pairs are bearish while only EUR/GBP is in a bullish trend.