EUR/USD. Euro is still weaker
Fundamental analysis
NFP and Unemployment rate were released on Friday. Unemployment rate was released at +3,6%. NFP grew by 128K. Average hourly earnings increased by +0,2%. As we expected the US dollar rose but then the uptrend continued
ISM Manufacturing PMI continues deteorating. The ratio has been remaining below 50 for 3 month already. Factory orders, published on Monday 4-th decreased by 0,6%. Owing to this Goldman Sachs decreased the GDP forecast by 0,1% in the 4-th quarter.
On the other hand ISM NonManufacturing PMI was not bad.
Technical analysis
EUR/USD broke 23,6% Fibo correction level down and is trying to touch 38,2% (1,10647). Trend indicators reversed.
1. MACD lines reversed
2. DMI are close to intersect each other
Summary: despite the deteoration in macroeconomy ratios we are still expecting the US dollar to be stronger. It is possible that the currency will return back to 50% (1,10293).
NFP and Unemployment rate were released on Friday. Unemployment rate was released at +3,6%. NFP grew by 128K. Average hourly earnings increased by +0,2%. As we expected the US dollar rose but then the uptrend continued
ISM Manufacturing PMI continues deteorating. The ratio has been remaining below 50 for 3 month already. Factory orders, published on Monday 4-th decreased by 0,6%. Owing to this Goldman Sachs decreased the GDP forecast by 0,1% in the 4-th quarter.
On the other hand ISM NonManufacturing PMI was not bad.
Technical analysis
EUR/USD broke 23,6% Fibo correction level down and is trying to touch 38,2% (1,10647). Trend indicators reversed.
1. MACD lines reversed
2. DMI are close to intersect each other
Summary: despite the deteoration in macroeconomy ratios we are still expecting the US dollar to be stronger. It is possible that the currency will return back to 50% (1,10293).
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