Negative macroeconomic statistics from Europe | 24 Agosto 2022

EURUSD trading plan:

Business activity across the euro zone contracted for a second straight month in August as the cost-of-living crisis forced consumers to curtail spending while supply constraints continued to hurt manufacturers, a survey showed. S&P Global flash euro zone Composite Purchasing Managers' Index, seen as a good guide to overall economic health, fell to 49.2 in August from 49.9 in July. A downturn in Germany, Europe's largest economy, deepened in August, a separate PMI survey showed, as companies saw demand dampened by a combination of high inflation, rising interest rates and economic uncertainty. France's economy contracted for the first time in a year and a half, its PMI showed, as weaker demand and inflationary pressures also hit businesses there.

Investment idea: sell 0.9990 and take profit 0.9915.