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Eurozone PMI dropped for a second month running

Eurozone PMI dropped for a second month running | 25 January 2022

25 January 2022, EUR/USD

EURUSD trading plan:

The headline IHS Markit Eurozone Composite PMI dropped for a second month running at the start of 2022, down from 53.3 in December to 52.4 in January, according to the “flash” estimate. The latest reading indicates the slowest rate of output growth since the recovery from lockdowns in early 2021 began last March. The rapid spread of the Omicron variant led to the reimposition of many measures to contain the virus in recent weeks, notably in Germany, France, Italy and Spain, which adversely affected consumer - and hospitality-oriented businesses in particular. This is a negative signal for the European currency.

Investment idea: sell 1.1325 and take profit 1.1274.

David Johnson
Analyst of «FreshForex» company
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