The US will be Revealing the ISM Non-Manufacturing PMI Today

Market participants who are trading in the US dollar quotes are highly recommended to be alert during the release of the ISM Non-manufacturing PMI, as it will be impacting the market. When the readings of the indicator exceed 50, it will have a positive impact on the US dollar quotes. Top economists have forecasted it to be 52.4. Meanwhile, when the indicator that shows the activity in the service sector of the country was released on 3rd Feb 2023, it stood at 55.2. The Institute for Supply Management will be publishing the ISM Non-Manufacturing PMI today at 15:00 GMT. Its announcement is considered high-importance economic news from the business sector of the market this week.

The US ISM non-manufacturing PMI print can be considered the highlight this week. As a result of the US's fragmented post-Covid recovery, there has recently been a mismatch in forecasts for US manufacturing and US services. Henceforth, market participants should closely monitor the release of the indicator. Furthermore, the most recent US ISM non-manufacturing print indicated an unexpected figure which was greater than 55 for January, and significantly above December's previous reading of around 50.

The Eurozone to Release the PPI

The Eurostat will be announcing the Producer Price Index (PPI) today at 10:00 GMT. Even though the release of the PPI is deemed medium-importance economic news coming from the market this week, market participants who are trading in the euro quotes are advised to stay informed about the changes in the indicator. It is said so as the PPI is used to determine the inflation in the euro area. Along with that, if there is a forecasted decline in the statistic, it will be having an unfavourable impact on the currency. Financial experts have predicted it to be -1.4% when the previous release of the indicator was found to be 1.1%. Furthermore, the indicator will represent the prices of the manufactured goods.

Nonfarm Payroll will not be released today

In most general cases, the Nonfarm Payroll will be disclosed on the first Friday of every month. However, this month, the indicator that determines the number of jobs created in the US besides government employees, farm workers and private household employees is still not released. Henceforth, it could make the market slow and less volatile than actually anticipated.