• EUR/USD gains half of a percent as markets force the Greenback lower.
• Impending major central banking summit has investors looking out for Fedspeak.
• EU and US PMIs due later in the week.

EUR/USD rallied into a half-percent gain on Monday as investors kick off the new trading week with a fresh dog-pile into broad-market buy buttons. The Fiber was bolstered cleanly above 1.1050 and is headed firmly for a retest of the 1.1100 handle. Recently, a rough patch of bad US data reignited investor fears of an impending US recession, but a late upswing in more recent US data prints has soothed investor nerves, who have to returned to waiting for signs of rate cuts from the Federal Reserve (Fed).

The midweek stretch is a quiet affair as markets await key PMI data from both the EU and the US, as well as the kickoff of this year’s Jackson Hole Economic Symposium. All three are expected to land on markets beginning on Thursday.

Pan-EU HCOB Purchasing Managers Index (PMI) figures are expected to test higher in August. EU MoM Manufacturing PMI numbers are expected to clip into 46.0 from 45.8, while the Services PMI component is forecast to hold steady at 51.9 over the same period.

Across the Atlantic, US PMI figures are expected to soften on Thursday. US Manufacturing PMI in August is expected to tick down slightly to 49.5 from 49.6, while US Services PMI numbers are forecast to fall an entire point to 54.0 from 55.0.