EURUSD – Up
EURUSD trading plan:
Manufacturing activity across the euro zone declined again last month as consumers feeling the pinch from a deepening cost of living crisis cut spending, a survey showed. The downbeat survey comes just a week before the European Central Bank is expected to raise borrowing costs again to try and tame inflation running at 9.1% – over four times its 2% target – further hitting indebted consumers. S&P Global final manufacturing Purchasing Managers‘ Index dipped to 49.6 in August from July’s 49.8. Amid the current macroeconomic pressures and the increasing cost of living crisis, it will come as no surprise that we are expecting further loss in activity in the coming months.
Investment idea: sell 1.0010 and take profit 0.9930.
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