EURUSD – Up
EURUSD trading plan:
U.S. manufacturing contracted sharply in October after showing signs of improvement in prior months as new orders and employment slumped, likely reflecting strikes by the United Auto Workers union against Detroit’s Big Three car makers. The Institute for Supply Management said that its manufacturing PMI dropped to 46.7 last month from 49.0 in September, which was the highest reading since November 2022. It was the 12th consecutive month that the PMI remained below 50, which indicates contraction in manufacturing. That is the longest such stretch since the 2007-2009 Great Recession. Factory employment dropped, reversing the improvement seen in September. The survey’s gauge of factory employment decreased to 46.8 from 51.2. This measure has not been a reliable predictor of manufacturing payrolls in the government’s closely watched employment report. The UAW strikes, however, likely reduced manufacturing payrolls in October.
Investment idea: range 1.0550 -1.0650.
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