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Negative macroeconomic statistics from the United States

Negative macroeconomic statistics from the United States | 24 August 2021

24 August 2021, EUR/USD

Negative macroeconomic statistics from the United States

EURUSD trading plan:

Private sector companies across the U.S. signaled a further strong upturn in business activity during August, however, the pace of growth slowed to an eight-month low. Capacity pressures, material shortages and the spread of the Delta variant reportedly weighed on the output expansion. Adjusted for seasonal factors, the IHS Markit Flash U.S. Composite PMI Output Index posted 55.4 in August, down sharply from 59.9 in July. The rate of output growth slowed for the third month running from May’s series high. This is a negative signal for the dollar.

Investment idea: buy 1.1725 and take profit 1.1780.

David Johnson
Analyst of «FreshForex» company
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