28 August 2023, EUR/USD
EURUSD trading plan:
Germany's economy stagnated in the second quarter from the previous three months, showing no sign of recovery from a winter recession and cementing its position as one of the world's weakest major economies. The figure of zero growth for the second quarter was in line with a first estimate published in late July. Year on year, adjusted GDP contracted by 0.2% in the second quarter. Both the short-term and the longer-term outlook for Germany looks anything but rosy. Weak purchasing power, thinned-out industrial order books, a slowdown in the Chinese economy and the impact of the most aggressive monetary policy tightening in decades all point to weak economic activity in Germany going forward. This is a negative signal for the European currency.
Investment idea: sell 1.0830 and take profit 1.0750.
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