European Business Activity Data (PMI)
- Spanish Services PMI (September) 53.3, forecast 53.8.
- Italian Services PMI (September), fact 51.4, forecast 50.4.
- French Services PMI (September), fact 51.1, forecast 51.6.
- German Services PMI (September), fact 51.4, forecast 52.5.
- Markit Eurozone Composite PMI (September), fact 50.1, forecast 50.4.
- Eurozone Services PMI (September), fact 51.6, forecast 52.0.
- UK Composite PMI (September), fact 49.3, previous value 50.2.
- UK Services PMI (September), fact 49.5, forecast 50.3.
Business activity in the non-manufacturing sector of Europe has slowed down in all key countries. In turn, this indicates preserved signs of a slowdown in the European economy.
Fig. 1. Business Activity Index Chart in the Eurozone Services Sector
European currencies were restrained to weak data and strengthened on the weaknesses of the American dollar. The reason for this was the statements of the French Ministry of Finance regarding the dispute over Airbus and retaliatory sanctions against the United States. Against this background, the market has returned to trade risks in relation to the US and the eurozone.
The EUR/USD pair continues to trade with strengthening on the correction and growth of negative sentiment, but is limited by overbought and resistance levels: 1.0980 and 1.1000. Support is located at around 1.0930 and 1.0900.
Fig. 2. EUR/USD chart. Current price – 1.0970
Read also: “The oil market and its cloudy prospects”
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog:
- What indicators choose Forex traders (Part 2)
- Stock indices are ready to renew a historical high
- What indicators choose Forex traders (Part 1)
Current Investment ideas: