Forex Fundamental Analysis – Negative macroeconomic statistics from Europe


EURUSD trading plan:

Euro zone manufacturing production fell last month for the first time since the initial wave of the coronavirus pandemic two years ago as higher prices and a darkening economic outlook kept consumers wary of making purchases, a survey showed. S&P Global final manufacturing Purchasing Managers‘ Index fell to 52.1 in June from May’s 54.6, its lowest since August 2020 but just ahead of a preliminary reading of 52.0. Demand is now weakening as firms report customers to be growing more cautious in relation to spending due to rising prices and the uncertain economic outlook. Inflation in the currency union reached 8.4% last month, official preliminary data is expected to show later on Friday, more than four times the European Central Bank’s 2% target rate.

Investment idea: sell 1.0451 and take profit 1.0395.

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