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Positive macroeconomic statistics from Germany

Positive macroeconomic statistics from Germany | 25 May 2022

25 May 2022, EUR/USD

Positive macroeconomic statistics from Germany

EURUSD trading plan:

A sustained rebound in services helped business activity in Germany grow again in May, though there are signs that rising prices, market uncertainty and supply problems are starting to put pressure on demand. S&P Global flash Purchasing Managers' Index for services was 56.3 in May, down from April's final reading of 57.6 but well above the 50 mark that denotes expansion for the fifth month in a row. The flash composite PMI, which tracks the manufacturing and services sectors that together account for more than two-thirds of the German economy, beat the 54.0 expected by traders, nudging up to 54.6 from 54.3 in April. A post-lockdown recovery in services activity continues to provide a strong tailwind for the German economy.

Investment idea: sell 1.0700 and take profit 1.0641.

David Johnson
Analyst of «FreshForex» company
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