Negative macroeconomic statistics from Germany | 23 Agosto 2023

EURUSD trading plan:

German business activity contracted at the fastest pace for more than three years in August, a preliminary fresh survey showed. The HCOB German Flash Composite Purchasing Managers' Index, compiled by S&P Global, fell to 44.7 from July's 48.5, hitting its lowest since May 2020. The indicator was below the 50-level denoting growth in activity for the second consecutive month. The composite PMI index tracks the services and manufacturing sectors, which together account for more than two-thirds of Germany's economy. A deepening downturn in manufacturing output was accompanied by a renewed contraction in services activity.

Investment idea: sell 1.0840 and take profit 1.0760.