EURUSD – Up
EURUSD trading plan:
Euro zone business growth has slowed significantly this month – and by much more than expected – as consumers concerned about soaring bills opted to stay at home and defer purchases to save money. S&P Global flash Composite Purchasing Managers‘ Index, seen as a good gauge of overall economic health, slumped to 51.9 in June from 54.8 in May. „Euro zone economic growth is showing signs of faltering as the tailwind of pent-up demand from the pandemic is already fading, having been offset by the cost-of-living shock and slumping business and consumer confidence,“ said Chris Williamson, chief business economist at S&P Global. The composite new business index dropped to a 16-month low of 50.0, the dividing line between growth and contraction, from 53.3. Growth in demand for services all but dried up and firms faced input costs rising at a near record rate, forcing them to pass some of that burden on to customers. The input prices index rose to 78.3 from 77.4 and has only been higher twice in the survey’s 24-year history – in March and April.
Investment idea: sell 1.0560 and take profit 1.0478
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