Negative macroeconomic statistics from Europe | 24 May 2022

EURUSD trading plan:

The seasonally adjusted S&P Global Eurozone PMI Composite Output Index edged down from 55.8 in April to 54.9 in May. The latest reading indicated an expansion of economic activity for the fifteenth successive month, with the rate of growth easing only modestly to remain well above the survey’s long-run average. Growth was led by the service sector, which recorded its second-strongest expansion in the past eight months. Although manufacturing output growth improved slightly in May, it remained very modest after production growth had slowed to a near stand-still in April. The second quarter so far has consequently seen the weakest manufacturing expansion since the pandemic-related shutdowns in the second quarter of 2020.

Investment idea: sell 1.0725 and take profit 1.0644.