30 September 2021, EUR/USD
EURUSD trading plan:
China’s factory activity unexpectedly shrank in September due to wider curbs on electricity use and elevated input prices. China’s economy rapidly recovered from a pandemic-induced slump last year, but momentum has weakened in recent months, with its sprawling manufacturing sector hit by rising costs, production bottlenecks and electricity rationing. A sub-index for factory output contracted in September for the first time since February last year, dragged down by a pullback in high-energy consuming industries, such as plants that process metals and oil products. The gauge stood at 49.6 versus 50.1 a month earlier. This is a negative signal for the European economy. The head of the Fed, who made a speech the day before, told the American congressmen that the monetary regulator would not hurry to tighten monetary policy, since the labor market is still far from the pre-coronavirus level. This is a negative signal for the dollar.
Investment idea: range 1.1550 -1.1640
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