When are the HCOB German/ Eurozone flash PMIs and how could they affect EUR/USD?

HCOB German/ Eurozone flash PMIs Overview

The German and Eurozone have the preliminary Purchasing Managers' Index (PMI) data for September to be released by S&P Global and Hamburg Commercial Bank (HCOB) on Tuesday, later this session at 07:30 and 08:00 GMT, respectively.

HCOB German Composite PMI is expected to hold steady at 50.5 in September, with market consensus of a rise in the Manufacturing PMI to 50.0 from 49.8 and the Services PMI to 49.5 from 49.3 in August.

HCOB Eurozone Composite PMI is forecasted to inch higher to 51.1 in September, from 51.0 in August. Meanwhile, Manufacturing PMI is anticipated to rise to 50.9 from 50.7 previously, while the Services PMI is expected to remain consistent at 50.5 in September.

How could HCOB German/ Eurozone flash PMIs affect EUR/USD?

Any upside in the HCOB Manufacturing PMIs may provide support for the EUR/USD pair as the Euro (EUR) remains stronger following the preliminary Eurozone Consumer Confidence Index for September, which improved slightly to -14.9 from -15.5 in August.

However, the upside of the EUR/USD pair could be limited as the US Dollar (USD) holds ground due to cautious Fedspeaks. Traders will likely observe the preliminary reading of the US S&P Global PMI reports for September later in the day. US Federal Reserve (Fed) Chair Jerome Powell will also be eyed.

Technically, the EUR/USD pair hovers around the psychological level of 1.1800 after registering 0.5% gains in the previous session. The bullish bias prevails as the 14-day Relative Strength Index (RSI) remains above the 50 level and supports the pair to explore the region around the 1.1918, the highest since June 2021, which was recorded on September 17.

On the downside, the initial support lies at the nine-day Exponential Moving Average (EMA) of 1.1776. A break below this level would weaken the short-term price momentum and prompt the EUR/USD pair to navigate the region around the 50-day EMA at 1.1677.