When are the S&P Global’s flash US PMIs and how could the data affect EUR/USD?

US PMI Overview

S&P Global will release the flash version of the US Manufacturing and Services PMIs at 14:45 GMT this Tuesday. The gauge for manufacturing is expected to remain in contraction territory for the fourth straight month and come in at 46.1 for January, slightly lower than the 46.2 in the previous month. The Services PMI, meanwhile, is also anticipated to deteriorate further to 44.5 for the current month, marking the sixth successive month of contraction. Furthermore, the composite PMI is expected to show a contraction in the overall business activity and edge down to 44.7 from 45.0 previously.

How Could it Affect EUR/USD?

Ahead of the key release, a fresh leg down in the equity markets assists the safe-haven US dollar to stage a modest recovery from a nine-month low touched earlier this Tuesday. A stronger US PMI print could lend additional support to the greenback, though expectations for a less aggressive policy tightening by the Fed should cap gains.