US Markit PMIs Preview: Markets could be in for another round of panic selling

Markit Economics will release its preliminary US purchasing managers’ indexes for March at 13:45 GMT on Tuesday, March 24. Joseph Trevisani, an analyst at FXStreet, with the preview.

Key quotes

“US Manufacturing PMI is predicted to drop to 43 in March from 50.7 in February. Services is projected to fall to 42 from 49.4.”

“Though a dismal result is expected PMI readings are not hard data, they do not measure sales, revenues jobs and the like and they tend to have limited market effect.”

“If things are as bad as some of the sentiment polls indicate markets could be in for another round of panic selling, particularly if there is still no stimulus and support package from Washington.”