Eurozone manufacturing PMI data

• French Manufacturing PMI (November), fact 50.8, forecast 50.7.
• German Manufacturing PMI (November), fact 51.8, forecast 51.6.
• Manufacturing PMI (November), fact 51.8, forecast 51.5.

Eurozone business activity in the manufacturing sector (PMI) improved in November. At the same time, the moderate growth of the November statistics did not have a significant impact on the general downward dynamics of this indicator, which has remained in a downtrend since the beginning of 2018 in all key countries.

Fig. 1. German business activity index in the manufacturing sector (PMI) chart

As a result, despite very positive statistics, it provides very restrained support for the euro, especially when the single currency is overbought since the start of the day at the dollar sale and the growth of optimism. At the same time, these news may have a deterrent effect on a possible correction.

EUR/USD is limited by a downtrend, but also continues to receive support from the growth of optimism. Resistance levels: 1.1380 and 1.1400, support: 1.1340-50 and 1.1320.

Fig. 2. EUR/USD chart. Current price – 1.1360

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Hanzenko Anton

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