Sterling, Euro Could Fall if PMI Data Prove Sluggish

Sterling, Euro Could Fall if PMI Data Prove Sluggish

0708 GMT - Sterling and the euro could fall as June's U.K. and eurozone purchasing managers' index surveys are likely to prove sluggish again, primarily for the manufacturing sector, Unicredit Research says. Such an outcome could drag EUR/USD to 1.0550 and GBP/USD to 1.22, Unicredit analysts say in a note. That would prevent any further recovery toward resistance levels of EUR/USD 1.07 and GBP/USD 1.2230 following gains on Wednesday when Federal Reserve Chairman Jerome Powell said it would be challenging to achieve a soft landing for the U.S. economy in his testimony before Congress, they say. EUR/USD rises 0.1% to 1.0579 but GBP/USD falls 0.2% to 1.2245. The eurozone and U.K. PMI data will be released at 0800 GMT and 0830 GMT, respectively. ([e-mail])

 
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Contact: London NewsPlus; [e-mail]

(END) Dow Jones Newswires

06-23-22 0327ET