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Negative macroeconomic statistics from Europe

Negative macroeconomic statistics from Europe | 06 September 2022

06 September 2022, EUR/USD

EURUSD trading plan:

Euro zone business activity contracted for a second month in August as demand sank, with customers wary of the deepening cost of living crisis and gloomy economic outlook curtailing their purchases, a survey showed. The new business index fell to 46.9 from 47.6, its lowest since November 2020. A PMI covering the bloc's dominant service industry fell to 49.8 from 51.2, below the preliminary estimate of 50.2 and marking its first month below the breakeven level since March 2021. Still, there was some relief from easing price pressures. While both the services input and output price indexes remained elevated, they both fell, with the input index dropping to 72.5 from 74.7, its lowest reading since February.

Investment idea: sell 0.9994 and take profit 0.9919.

David Johnson
Analyst of «FreshForex» company
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