08 June 2023, EUR/USD
EURUSD trading plan:
German industrial output rose less than expected in April, darkening the outlook for the euro zone's largest economy following weak new orders data earlier this week. Activity in the construction sector increased 2% on the month and the manufacture of pharmaceutical products rose 6.4%, while the production of automotives dropped 0.8%. The statistics office revised up the industrial production figure for March to a 2.1% decrease from a provisional figure of a 3.4% fall. Even with this revision, German industrial production is 1.6% below its level a year earlier. The boost that German industry got from easing global supply problems and lower gas prices at the beginning of this year seems to be exhausted and output is likely to be increasingly constrained by weak demand as the backlog of work dwindles and new orders fall.
Investment idea: range 1.0666 -1.0755.
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