Negative macroeconomic statistics from Germany | 03 Noviembre 2022

EURUSD trading plan:

The downturn in Germany's manufacturing sector gathered pace in October as output and new orders slumped, marking a weak start to the fourth quarter that shows no sign of letting up, a fresh surveyed showed. S&P Global final Purchasing Managers' Index for manufacturing, which accounts for about a fifth of Germany's economy, fell to 45.1, its lowest since May 2020 and down from 47.8 in September. "Manufacturers are gravely concerned about the outlook for the next 12 months, with expectations having fallen to their lowest since the initial COVID wave," he added. An index on new orders dropped to 34.5 from 39.1 amid growing concerns about the economic outlook and high energy costs.

Investment idea: sell 0.9860 and take profit 0.9790.