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European industry is in deep decline

European industry is in deep decline | 03 October 2023

03 October 2023, EUR/USD

EURUSD trading plan:

Euro zone manufacturing activity remained mired in a deep and broad-based downturn last month, according to a survey which showed on Monday that demand kept shrinking at a pace rarely surpassed since the data was first collected in 1997. HCOB's final euro zone manufacturing Purchasing Managers' Index, compiled by S&P Global, dipped to 43.4 in September from August's 43.5, matching a preliminary estimate. A reading below 50 marks a contraction in activity. An index measuring output, which feeds into a composite PMI due and seen as a good gauge of economic health, fell to 43.1 from 43.4. Last month they raised their key interest rate for a 10th consecutive time but are likely now done and will stay on hold until at least July next year.

Investment idea: sell 1.0510 and take profit 1.0430.

David Johnson
Analyst of «FreshForex» company
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