The Euro is heading up. Overview for 02.08.2022

EURUSD resumed its growth after weak PMI releases.

The major currency pair is back to growing. The current quote for the instrument is 1.0244.

The start of this trading week was rather struggling – the economic calendar offered a lot of PMI data from China, the US, and the Euro Area, which was minor.

On the other hand, it would be stupid to expect anything else. Most of the global central banks are tightening their monetary policies to fight inflation, which, in its turn, reduces business activities. Now, take a look around and you will see that the plan is working. Except that the possible consequences are looking terrifying.

The ISM Manufacturing PMI report showed 52.8 points in July after being 53.0 points the month before. However, the expected number was 52.3 points, so the actual data wasn’t too bad. Nevertheless, it’s the lowest reading since June 2020.

The components of the report showed that the major contribution to the decline was made by new orders, employment, production, and supplier deliveries.

Today’s calendar contains no important statistics, either from the US or the Euro Area. It means that investors will have to work with the facts that they already know.