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Positive macroeconomic statistics from the United States

Positive macroeconomic statistics from the United States | 24 May 2023

24 May 2023, EUR/USD

EURUSD trading plan:

U.S. business activity increased to a 13-month high in May, lifted by strong growth in the services sector, the latest indication that the economy regained momentum early in the second quarter despite rising risks of a recession. S&P Global said its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to a reading of 54.5 this month. It was the fourth straight month that the PMI remained above 50, indicating growth in the private sector. The upbeat reports prompted the Atlanta Federal Reserve to raise its second-quarter gross domestic product estimate to a 2.9% annualized rate from a 2.6% pace. The economy grew at a 1.1% rate in the first quarter.

Investment idea: sell 1.0820 and take profit 1.0775.

David Johnson
Analyst of «FreshForex» company
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