EURUSD – Up
EURUSD trading plan:
Manufacturing activity across the euro zone contracted last month with factories forced to stockpile unsold goods due to weak demand, a survey showed on Monday, adding to concerns the bloc could fall into a recession. S&P Global final manufacturing Purchasing Managers‘ Index fell to 49.8 in July from June’s 52.1, just ahead of a preliminary reading of 49.6. An index measuring output, which feeds into a composite PMI due on Wednesday and seen as a good gauge of economic health, sank to a more than two-year low of 46.3. In June it was 49.3. „Euro zone manufacturing is sinking into an increasingly steep downturn, adding to the region’s recession risks. New orders are already falling at a pace which, excluding pandemic lockdown months, is the sharpest since the debt crisis in 2012, with worse likely to come,“ said Chris Williamson, chief business economist at S&P Global.
Investment idea: sell 1.0258 and take profit 1.0155.
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