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European Economic Events Disappoint – EUR/USD Jumps

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.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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