German Manufacturing PMI declines to 49.9 , EURUSD is down !

EURO data
EURO data

The German Manufacturing Purchasing Managers’ Index (PMI) measures the activity level of purchasing managers in the manufacturing sector. A reading above 50 indicates expansion in the sector; below indicates contraction. Traders watch these surveys closely as purchasing managers usually have early access to data about their company’s performance, which can be a leading indicator of overall economic performance.

Usual Effect: A high reading or a better than expected number is seen as positive  for the EUR, while a low reading is negative.

Last Read : 50.3

Expectations : 50.3

Actual : 49.9

Volatility : High Volatility

Market Impact :

EURUSD is down , now pressure will be on the key support 1.2570 where a cut is likely , If seen , next support comes at the 1.2540 levels , followed by the psycho level 1.2500, resistance comes at the 1.2734 levels , this level is likely to hold ….

For further reading :  EURUSD Intraday Forecast Oct 01 2014




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