11:30 MSK. Germany: PMI composite index
12:30 MSK. United Kingdom: PMI composite index
The forecast of the euro against the dollar on the EURUSD today 03/24/2020
Today, in many countries of the world will be published preliminary PMI indices for March. The fact that the data will be weak doubt no one, as the epidemic coronavirus COVID-19 has a negative impact on business activity. The question is how much data will be different from the median forecasts. Given the fact that the polls were Markit Economics in the first half of the month, when the world's leading Central Bank had not yet announce a stimulus program, we can expect the release of data worse than expected median, causing another round of demand for the dollar as the currency №1 in the world.
In the money market, the situation is normalized. In New York, US banks as part of operations overnight a second day in a row attracted less than $ 40 billion. In London, the overnight rate is reduced the second day in a row, which also indicates a decrease in demand for US currency. Now the rate of 0.211%, while the previous rate was about 0.3%. The interest rate again returned to the Fed's range. This factor will support the European currency. What we have in the dry residue? Euro weakness will experience after the publication of the PMI data, but the drawdown will buy, because now there are no problems with the dollar liquidity in the money market.
EURUSD recommendation: Buy 1.0751 / 1.0695, and take profit 1.0850