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European Central Bank can lower interest rates

European Central Bank can lower interest rates | 25 July 2019

25 July 2019, EUR/USD

European Central Bank can lower interest rates

EURUSD trading plan:

European Central Bank can lower interest rates today or September 12. Euro zone business growth was weaker than expected in July, hampered by a deepening contraction in manufacturing. Manufacturing activity contracted for a sixth month and at its sharpest rate since late 2012. The factory PMI fell to 46.4 from 47.6, below all forecasts. Demand for manufactured goods fell at the second fastest rate in over six years and factories again turned to completing old orders to stay active. The backlogs of work index fell to a seven-year low of 43.3 from 45.5. European Central Bank, who are expected to signal a bias toward cutting its already-negative deposit rate this year to try to boost growth and inflation.

Trading recommendation: Sell 1.1150 and take profit 1.1107.

David Johnson
Analyst of «FreshForex» company
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