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Negative macroeconomic statistics from the euro zone

Negative macroeconomic statistics from the euro zone | 16 May 2023

16 May 2023, EUR/USD

EURUSD trading plan:

Euro zone industrial production fell by far more than expected in March as output of capital goods plunged. The European Union's statistics office Eurostat said that industrial production in the 20 countries sharing the euro fell by 4.1% month-on-month in March for a 1.4% year-on-year decline. Eurostat said the output of capital goods - goods such as buildings and equipment used to make products and provide services - fell by 15.4% on the month. Year-on-year, the decline was 2.1%. All other components of industrial production declined, except that of durable consumers goods, which rose 2.8% in the month, although was down 0.8% from a year earlier.

Investment idea: sell 1.0919 and take profit 1.0875.

David Johnson
Analyst of «FreshForex» company
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