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EU manufacturers continue to struggle

EU manufacturers continue to struggle | 02 June 2022

02 June 2022, EUR/USD

EURUSD trading plan:

Manufacturing growth in the euro zone slowed last month as factories faced supply shortages, high prices and a fall in demand, according to a survey which suggested consumers were switching their spending to tourism and recreation. S&P Global final manufacturing Purchasing Managers' Index fell to 54.6 in May from April's 55.5, its lowest since November 2020. "Euro area manufacturers continue to struggle against the headwinds of supply shortages, elevated inflationary pressures and weakening demand amid rising uncertainty about the economic outlook," said Chris Williamson, chief business economist at S&P Global.

Investment idea: sell 1.0689 and take profit 1.0594.

David Johnson
Analyst of «FreshForex» company
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