German manufacturing PMI misses with 58.3 – EUR/USD ticks

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Business confidence in Germany still points to robust growth, but slightly weaker than expected. The purchasing managers’ index for the manufacturing sector missed with 58.3 against 59.2 expected. The services PMI slipped from 54.3 to 53.5 points.

EUR/USD ticks down just a bit, trading around 1.1644. It remains above the 2016 peak of 1.1620. Further support awaits at 1.1580. Resistance is at the 2015 high of 1.1712.

These are the preliminary figures for July. They will be revised early in August.

Earlier, French manufacturing PMI beat expectations by scoring 55.4 points against 54.6 expected. On the other hand, the services sector indicator missed early estimations by a similar scale: 55.9 instead of 56.6 predicted.

EUR/USD reached the highest levels since mid-2015 as Trump got into deeper trouble. The President is under investigation for the Russian intervention in markets with the special counsel Mueller diving into Trump’s business dealings.

Beforehand, markets bought the euro on Draghi’s unconvincing performance in the rate decision. The president of the ECB stressed that the Governing Council did not discuss tapering, but that a decision will be taken in the autumn.

Here is the EUR/UDS hourly chart:

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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