EUR/USD Awaits Key Economic Data Following Holiday-Light Trading On Wednesday

EUR/USD was volatile on Wednesday as the US market was closed for a holiday on Wednesday. The second half of the week will see secondary data, with investors focusing on the Purchasing Managers Index (PMI) activity data released on Friday, which will drive market sentiment.

US markets will resume trading on Thursday, when the US weekly initial jobless claims for the week ending June 14 will be released. The median market forecast expects US initial jobless claims to fall slightly to 235,000 from the previous 242,000, but is expected to remain above the four-week average of 227,000.

The latest economic bulletin from the European Central Bank (ECB) will also be released at the start of Thursday, but nothing new is expected as the ECB will reiterate what ECB policymakers have already covered after the latest interest rate call.

Friday will end on a tense note. Eurozone Purchasing Managers Index (PMI) survey data will be released starting at 15:30 Beijing time, and US Purchasing Managers Index (PMI) data will be released at 21:45 Beijing time. The Hamburger Bank Manufacturing Purchasing Managers’ Index (PMI) for the Eurozone is expected to rise from 47.3 to 47.9 on month, while the Services PMI is expected to rise from 53.2 to 53.5. In the United States, both the manufacturing and services sub-indexes are expected to decline. The manufacturing sub-index is expected to fall from 51.3 to 51.0, while the Services PMI is expected to fall from 54.8 to 53.3.

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