S&P Global is set to publish its preliminary September Purchasing Managers’ Indices (PMIs) for the United States this Wednesday at 13:45 GMT. The report covers Manufacturing, Services, and Composite PMI data, which serve as early indicators of economic momentum based on private sector surveys.
Market expectations suggest a slight cooling in activity. The Manufacturing PMI is projected to shift from 53.9 to 53.5, while the Services PMI is anticipated to decline from 56.5 to 56. Readings above 50 continue to signal expansion, supporting the narrative of US economic resilience.
Analysts are monitoring the potential impact on the EUR/USD currency pair. Pablo Piovano of FXStreet notes that the pair faces technical resistance at the 55-day and 100-day SMAs, located at 1.1526 and 1.1542, respectively. The 200-day SMA remains a critical threshold at 1.1620.
Downside risks for the currency pair persist, with initial support identified at 1.1353 and 1.1324. Current momentum indicators show the Relative Strength Index nearing 31, while the Average Directional Index is positioned near 29, suggesting a strong prevailing trend.
