{"id":106239,"date":"2025-03-24T11:16:42","date_gmt":"2025-03-24T09:16:42","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=106239"},"modified":"2025-03-24T11:16:58","modified_gmt":"2025-03-24T09:16:58","slug":"marchs-preliminary-pmi-figures-in-focus","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/vi\/marchs-preliminary-pmi-figures-in-focus\/","title":{"rendered":"March\u2019s preliminary PMI figures in focus"},"content":{"rendered":"

On a macro-economic level, we highlight the release of the preliminary PMI figures for March on Monday and intend to focus on the Germany\u2019s manufacturing sector. An improvement of economic activity could play an auxiliary role for the EUR, yet EUR traders are expected to keep their attention also on EU expansionary fiscal policy.<\/p>\n\n\n\n

EUR\/USD\u2019s drop after reaching a peak at the 1.0940 (R1) resistance line, seems to have been halted in today\u2019s Asian and early European session. We tend to maintain a bias for a sideways motion of the pair between the 1.0940 (R1) resistance line and the 1.0760 (S1) support line. The RSI indicator corrected lower yet remains above the reading of 50, implying an easing of the bullish sentiment among market participants. Should the bulls renew their dominance over the pair, we may see EUR\/USD breaking the 1.0940 (R1) resistance line and start aiming for the 1.1210 (R2) resistance barrier. Should the bears take over, we may see the pair breaking the 1.0760 (S1) support line and start aiming for the 1.0600 (S2) support level.\u00a0<\/p>\n\n\n\n

In the UK we place particular focus on the release of the preliminary UK Services PMI figure for March and a possible higher reading could provide some support for the pound as it could imply a faster expansion of economic activity for UK\u2019s critical services sector.\u00a0 Please note that later on BoE Governor Bailey is scheduled to speak and should he sound dovish enough we may see the pound losing ground, especially after BoE\u2019s interest rate decision last Thursday. BoE in its interest rate decision remained on hold, maintaining its dovish orientation yet at the same time, seemed to be signalling caution towards more rate cuts.<\/p>\n\n\n\n

GBP\/USD seems to have been correcting higher, yet remaining well between the 1.3045 (R1) resistance line and the 1.2805 (S1) support line. For the time being and given the pair\u2019s motion over the past week, we tend to maintain a bias for a sideways motion of the pair between the prementioned levels. The RSI indicator corrected lower yet remains well above the reading of 50 implying that the bullish sentiment may have eased, but remains present. For a bullish outlook we would require cable to break the 1.3045 (R1) resistance line and start aiming for the 1.3260 (R2) resistance barrier. For a bearish outlook, we would require the pair to break the 1.2805 (S1) support line and start aiming for the 1.2550 (S2) support base.<\/p>\n\n\n\n

Other highlights for the day:<\/strong><\/h2>\n\n\n\n

Today we get France\u2019s preliminary Service PMI figure, Germany\u2019s preliminary manufacturing PMI figure, the Eurozone\u2019s preliminary Composite PMI figure, the US\u2019s S&P Manufacturing and Services preliminary PMI figures all for the Month of March. On a monetary level we note the speech by BoE Governor Bailey during today\u2019s American session and in tomorrow\u2019s Asian session the release of the BOJ\u2019s last monetary policy meeting minutes.<\/p>\n\n\n\n

As for the rest of the week:<\/strong><\/h2>\n\n\n\n

On Tuesday, we get Germany\u2019s Ifo indicators, UK\u2019s CBI distributive trades and the US consumer confidence, all being for March. On Wednesday we get Australia\u2019s CPI rates, Japan\u2019s chain store sales, UK\u2019s CPI rates, the US durable goods orders, all for February, while on a monetary level, we note from the Czech Republic\u2019s CNB repo rate decision. On Thursday, we get from Norway Norgesbank\u2019s interest rate decision, and from the US the final GDP rate for Q4, and the weekly initial jobless claims figure. On Friday, we get from Japan tokyo\u2019s CPI rates for March, UK\u2019s retail sales for February, Germany\u2019s GfK Consumer Sentiment for April, UK\u2019s GDP rate for Q4, France\u2019s preliminary HICP rate for March, Switzerland\u2019s KOF indicator for March, Euro Zone\u2019s Business Climate for March, the US consumption rate for February, the US PCE rates also for February, Canada\u2019s GDP rate for January and the US preliminary University of Michigan consumer sentiment.<\/p>\n\n\n\n

EUR\/USD Daily Chart<\/strong><\/h2>\n\n\n\n
\"support<\/figure>\n\n\n\n