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We are anticipating a recession in Germany

We are anticipating a recession in Germany | 22 September 2023

22 September 2023, EUR/USD

We are anticipating a recession in Germany

EURUSD trading plan:

German business activity fell for the third consecutive month in September due to a sustained decline in demand for goods and services, pointing to a "deep" economic contraction in the quarter, a preliminary survey showed. The HCOB German Flash Composite Purchasing Managers' Index, compiled by S&P Global, rose to 46.2 in September from August's 44.6, but came in below the 47.2 forecasts by economists. The indicator was below the 50 level, pointing to a contraction in business activity. The composite PMI index tracks the services and manufacturing sectors, which together account for more than two-thirds of the German economy, Europe's biggest.

Investment idea: sell 1.0667 and take profit 1.0580.

David Johnson
Analyst of «FreshForex» company
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