Negative macroeconomic statistics from Europe | 06 July 2023

EURUSD trading plan:

Euro zone business activity slipped into contractionary territory last month in a broad-based downturn across the bloc's dominant services industry and a deepening decline of factory output, a fresh survey showed. HCOB's final Composite Purchasing Managers' Index, compiled by S&P Global and seen as a good gauge of overall economic health, slumped to 49.9 in June from May's 52.8. The services new business index was barely above breakeven at a five-month low of 51.0. The preliminary reading was 51.3 and in May it was 53.3. In one bright spot pricing pressures eased significantly in June with the composite output prices index falling to 53.8 from 56.4, its lowest since March 2021.

Investment idea: sell 1.0885 and take profit 1.0810.