Solid News

Business Activity in the EU is Gradually Recovering

3/2/2023 12:02 PM

The EUR/USD pair is trying to recover, trading at 1.0648, after the publication of a block of macroeconomic data yesterday.

Thus, the February Manufacturing PMI in Spain rose to 50.7 points from 48.4 points earlier, and in Italy – up to 52.0 points from 50.4 points. Similar French and German figures slowed down slightly, amounting to 47.4 points and 46.3 points compared to 47.9 points and 46.5 points in the previous period. The number of unemployed in Germany in February increased by only 2.0K instead of 9.0K expected by analysts, which allowed the unemployment rate to remain at 5.5%, as a month earlier, however, February inflation data recorded an acceleration of the harmonized consumer price index last month from 9.2% to 9.3% YoY, while forecasts assumed reaching 9.0%, and from 0.5% to 1.0% MoM, which, in turn, exceeded experts' expectations by 0.7%.

Meanwhile, the US dollar began to gradually decline against the publication of negative statistics in the manufacturing sector from the Institute of Supply Management (ISM): the index of business activity in February amounted to 47.7 points, lower than the analysts' forecast of 48.0 points, embedded in the price, reached 49.1 points compared to 50.6 points earlier.

On the daily chart, the trading instrument is correcting within the global ascending corridor with dynamic boundaries of 1.0550–1.1100.

Technical indicators weaken the sell signal: fast EMAs on the Alligator indicator are kept below the signal line, narrowing the range of fluctuations, and the AO histogram forms corrective bars in the sell zone.

Resistance levels: 1.0710, 1.0920. | Support levels: 1.0540, 1.0330.

Find Us
Registered Address : Bonovo Road – Fomboni Island of Mohéli – Comoros Union
Sofia, PO Box 1407,14 Flip Kutev Str. Floor 2, Industrial area Hladilnika, Bulgaria
Call Us
+35 924 928 392

Risk Warnings
Solid ECN Securities LLC offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.
Solid ECN Securities LLC does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. Solid ECN Securities LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
By using you agree to use our cookies to enhance your experience.
Solid ECN Securities LLC is authorized and regulated by the Comoros Union with reference number HY00623411.
Disclaimer 1: The information provided on this site is not intended for residents of any country or jurisdiction where its distribution or use would violate local laws or regulations.
Disclaimer 2: Solid ECN Securities LLC and it affiliates does not provide services to residents of the USA, Japan, Canada, Australia, the Democratic Republic of Korea, European Union, United Kingdom, Iran, Syria, Sudan and Cuba.
Copyright All Right Reserved 2024