Positive macroeconomic statistics from China | 30 سبتمبر 2020

EURUSD trading plan:

Positive macroeconomic statistics from China are forcing investors to increase their long positions in the European currency. The China National Bureau of Statistics showed that official purchasing manager’s indexes for September remained above the 50-mark separating growth from contraction. The manufacturing PMI was 51.5, beating the forecast 51.2 and August’s 51 readings and the non-manufacturing PMI was 55.9 against August’s 55.2. The growth in factory activity was boosted by exports, which returned to growth after seeing several months of shrinking sales from the economic paralysis brought on by COVID-19 in the beginning of the year.

Trading recommendation: Buy 1.1710 and take profit 1.1751.