Negative macroeconomic statistics from Europe | 05 September 2023
05 September 2023, EUR/USD
EURUSD trading plan:
The decline in euro zone business activity accelerated faster than initially thought last month as the bloc's dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession. HCOB's final Composite Purchasing Managers' Index, compiled by S&P Global and seen as a good barometer of overall economic health, dropped to 46.7 in August from July's 48.6, a low not seen since November 2020. That was below the 50-mark separating growth from contraction for a third month and shy of a preliminary estimate for 47.0.
Investment idea: sell 1.0770 and take profit 1.0710.
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