While the first part of the week was relatively calm, today’s macro calendar is exceptionally packed across both Europe and the United States. Markets will first digest PMI readings from the major European economies, before attention quickly shifts to US PCE inflation and GDP figures. Later in the session, investors will also get US PMIs and the University of Michigan consumer sentiment survey.
Macro calendar
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07:30 AM GMT: Germany PMI (services and manufacturing)
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8 AM GMT: Eurozone PMI (services and manufacturing)
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8:30 AM GMT: UK PMI (services and manufacturing)
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12:30 PM GMT: Canada retail sales, PPI and PCE
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12:30 PM GMT: US PCE inflation
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12:30 PM GMT: US GDP data
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1:45 PM GMT: US PMI (services and manufacturing)
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2 PM GMT: US consumer sentiment and inflation expectations (University of Michigan)
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2 PM GMT: US new home sales
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2 PM GMT: US Supreme Court decision on tariffs (Tentative)
Central bank speakers
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1:45 PM GMT: Fed’s Bostic
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4:45 PM GMT: Fed’s Logan
EUR/USD (D1 timeframe)
EUR/USD is extending its decline today, with the trend-defining 200-day EMA200 sitting near 1.165. This level has acted as support three times recently, including twice in November 2025 and once in January this year.
Source: xStation5
BREAKING: European flash PMIs stronger than expected 📈EURUSD ticks higher
Morning wrap (20.02.2026)
Daily summary: Moderate risk, moderate declines
Market wrap 🚩 Europe and EUR/USD retreat on elevated US–Iran geopolitical risk
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