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The big surprise in the PMI

The big surprise in the PMI | 01 March 2023

01 March 2023, EUR/USD

The big surprise in the PMI

EURUSD trading plan:

China's manufacturing activity expanded at the fastest pace in more than a decade in February, an official index showed, smashing expectations as production zoomed after the lifting of COVID-19 restrictions late last year. The manufacturing purchasing managers' index shot up to 52.6 from 50.1 in January, according to China's National Bureau of Statistics, above the 50-point mark that separates expansion and contraction in activity. The PMI far exceeded an analyst forecast of 50.5 and was the highest reading since April 2012. Global markets cheered the big surprise in the PMI.

Investment idea: buy 1.0595 and take profit 1.0670.

David Johnson
Analyst of «FreshForex» company
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