Thursday , August 11 2022

European mixed PMI gave pressure on the Euro


EUR / USD is again under a low pressure following a European PMI.

This morning, we have noticed the SMI, where the service sector has provoked, but the industry is worried.

In Germany, the PMI services were 55.1 from 53.0, against 52.8 expected. But the PMI manufactured in the contracting territory to 47.6 against 49.7, and so on, while the consensus expected to repay to 50.0.

In the euro zone, the PMI services have risen to 52.3 of 51.5 expected and 51.2 in advance. The PMI manufacturing falls into the territory of the activity in 49.2 of 50.5, against 50.3 as expected.

The series of poor economic data and commercial disagreements with the US are pressing on the feeling of buying managers.

On the Forex, EUR / USD is under low pressure and threatens the supportive area of ​​1.1325. If there is a break below, these risks re-launch the downs, with a possible move towards 1.1305 first.

Below we could find that 1.1270 and 1.1250.

If the 1.1325 support is still, EUR / USD should climb up quickly to 1.1350, before the end will bring the 1.1370 highest yesterday.

Several US statistics will also need to be monitored this afternoon, with durable goods orders, unemployed claims and the Philadelphia Federation index at 2.30pm, and then PMI at 3.45pm, and current home sales. 16 hours.

Currently, the EUR / USD trades approximately 1.1330 on the Forex.

EUR / USD Chart H1

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