Good Economic Numbers Continue To Pile Up In EU But Euro Is In Retreat, For Now
Today is manufacturing day, with several countries /economic regions publishing their manufacturing numbers. It´s been a good day actually, but that´s if we leave the UK out. Australian, Chinese and even Japanese manufacturing posted some considerably good numbers.
If you remember, the US manufacturing PMI data surprised everyone last Friday when it jumped to above 65 from around 59.
A while ago we got the manufacturing numbers from Europe and they look pretty good too. Most European countries beat expectations, even Greece. Manufacturing numbers from Greece moved above the 50 PMI level, which means that this sector is now expanding, what a relief.
The overall EU 27 (used to be 28 before Brexit) ticked higher and looking at the chart this sector looks to be in pretty decent shape in Europe.
This is a pretty strong trend
This adds to the positive economic numbers we have seen recently and puts more pressure on the ECB to tighten the monetary policy.
It should be positive for the Euro, but the Euro is on the decline. Although, I don´t see it stretching much further since the H4 chart is almost oversold, so I´m personally looking to buy this forex pair sometime soon.
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