On Wednesday, S&P Global is set to publish its preliminary September Purchasing Managers’ Indices (PMIs) for the United States. Compiled from surveys of leading private sector executives, these figures offer an early look at economic momentum and are projected to underscore the resilience of the US economy.
The upcoming publication features three key metrics: the Manufacturing PMI, the Services PMI, and the Composite PMI—a weighted average of the first two. Each index is scaled so that figures exceeding 50 signal expansion, while readings below that level point to contraction.
Arriving well in advance of many official government releases, these monthly updates evaluate a wide range of indicators, from production trends and export activity to capacity utilization, staffing levels, and inventories, thereby providing some of the earliest clues regarding the trajectory of the economy.
What can we expect from the next S&P Global PMI report?
Traders forecast a slight moderation in September’s flash Manufacturing PMI, moving down from 53.9 to 53.5, alongside a minor dip in the Services PMI from 56.5 to 56.
Even though a slight pullback is unlikely to alarm investors, overall US business activity stays comfortably within expansion territory, continuing to reinforce the narrative of US economic “exceptionalism.”
A robust upside surprise across both readings would likely strengthen the US Dollar by validating the narrative of a thriving economy, thereby supporting the Federal Reserve’s cautious (or hawkish) perspective.
When will the September flash US S&P Global PMIs be released, and how could they affect EUR/USD?
The S&P Global report covering the Manufacturing, Services, and Composite PMIs is scheduled for release at 13:45 GMT on Wednesday.
Prior to the data rollout, FXStreet Senior Analyst Pablo Piovano cautions that further declines in the EUR/USD pair remain a possibility in the existing environment, especially in the wake of the breakdown below the vital 200-day Simple Moving Average (SMA) situated above 1.1620.
Should buyers manage a turnaround, the temporary 55-day and 100-day SMAs at 1.1526 and 1.1542 are anticipated to provide initial resistance before the more substantial 200-day SMA comes into play. Once the currency pair moves past that level, the subsequent objective shifts to the August peak of 1.1711, recorded on August 21.
Conversely, Piovano points out that sustained selling momentum should encounter primary support near the monthly low of 1.1353 from July 28, followed by the 2026 trough of 1.1324 reached on June 24.
“Momentum indicators also favour extra declines as the Relative Strength Index (RSI) approaches the 31 level and the Average Directional Index (ADX) near 29 is indicative of a forceful trend,” Piovano adds.
Frequently Asked Questions
When will the US S&P Global PMI data be released?
The preliminary September S&P Global PMIs will be released on Wednesday at 13:45 GMT.
What are the market expectations for the September PMIs?
Investors anticipate the flash Manufacturing PMI to ease from 53.9 to 53.5, and the Services PMI to tick down from 56.5 to 56.
How do PMI readings work?
The PMIs are calibrated so that numbers above 50 represent economic growth, while readings below 50 indicate a contraction.
What key technical levels are being watched for EUR/USD?
Pablo Piovano notes initial resistance at the 55-day and 100-day SMAs (1.1526 and 1.1542), with initial support seen at the monthly floor of 1.1353 and the 2026 bottom at 1.1324.
