European Economic Events Disappoint – EUR/USD Jumps
Arslan Butt • 1 min read
Italian Unemployment Rate
German Manufacturing PMI Disappoints – On the flip side, Germany’s manufacturing sector slumped lower into contraction at the end of the opening quarter. Let us recall, the minimum threshold level to define economic optimism. Above 50.0 indicates industry expansion, below means decrease.
German manufacturing dropped to 44.1. It not only missed the 50 threshold level but also came below economists forecast level of 44.7. The figure is signaling faster decreases in output, new orders and export sales.
So far, EUR/USD has shown a muted impact on this news. In fact, the single currency Euro is getting stronger over the story. The pair has violated the $1.1240 resistance which opens further room for buying until $1.1280.