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

US ISM Non-Manufacturing PMI Overview

The Institute of Supply Management (ISM) will release the Non-Manufacturing Purchasing Managers' Index (PMI), also known as the ISM Services PMI at 1500 GMT this Thursday. The consensus forecast for November stands at 59.2, down from previous month's reading of 60.3 and further retracement from September's 61.6 - the highest since the inception of the composite index in 2008

How could it affect EUR/USD?

The pair has been oscillating within a narrow trading range and a disappointing release might provide a short-lived bounce towards the 1.1375-80 region. Any subsequent up-move, however, seems more likely to remain capped near weekly tops, around the 1.1415-20 region.

Alternatively, a stronger than expected reading might prompt some selling, though the 1.1300 handle might continue to provide some immediate strong support. A convincing breakthrough the mentioned support might turn the pair vulnerable to slide further towards challenging yearly lows, around the 1.1215 region.

Key Notes

   •  EUR/USD Outlook: Narrowing range holds between 200WMA and 30SMA pivots

   •  EUR/USD Technical Analysis: Bearish consolidation patterns point to further near-term weakness

About the US ISM non-manufacturing PMI

The ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM) shows business conditions in the US non-manufacturing sector. It is worth noting that services constitute the largest sector of the US economy and result above 50 should be seen as supportive for the USD.