When is the US ISM Manufacturing PMI and how could it affect EUR/USD?

US ISM Manufacturing PMI overview

The Institute of Supply Management (ISM) will release its latest manufacturing business survey result at 1500 GMT this Monday. Consensus estimate point to a reading of 57.5 for November, retracing further from a 14-year high level of 61.3, set in August, and previous month's six-month low level of 57.7.

Deviation impact on EUR/USD

Readers can find FX Street's proprietary deviation impact map of the event below. As observed the reaction in case of a relative deviation of +0.81 or higher is likely to be around 29-pips in the first 15-minutes and could stretch to 56-pips in the following 4 hours.

Alternatively, a deviation of -0.73 or less could move the pair higher by around 25-pips in the first 15-minutes and 57-pips in the subsequent 4-hours.

How could it affect EUR/USD?

Yohay Elam, FXStreet's own Analyst explains: “The Technical Confluences Indicator shows that the pair broke above a significant line of resistance at 1.1350 which now turns into support. The move opens the door to higher levels. At 1.1395 we see the confluence of the Pivot Point one-week Resistance 1 and the Fibonacci 38.2% one-month. Further above, the next target is 1.1438 where we see the convergence of the Fibonacci 23.6% one-month, the Bollinger Band 4h-Upper, and the Pivot Point one-day Resistance 2.”

“Looking back down, we see further substantial support at 1.1332 which is the SMA 5-4h, the Fibonacci 23.6% one-day, and the Fibonacci 61.8% one-month,” he added further.

Key Notes

   •  US: ISM Manufacturing likely to edge lower to 57.5 in November - TDS

   •  EUR/USD Forecast: Trump's trade truce trumps up the pair (for now)

   •  EUR/USD under pressure near 1.1330 ahead of ISM, Fedspeak

About the US ISM manufacturing PMI

The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector. It is a significant indicator of the overall economic condition in the US. A result above 50 is seen as positive (or bullish) for the USD, whereas a result below 50 is seen as negative (or bearish).