Yesterday data on PMI Indices was not in line with forecasts. Data on Germany and the eurozone was worse than estimates, only in France it grew. PMI Manufacturing in the eurozone was 46.5 vs. forecast for 46.8, PMI Services was 46.6 vs. 46.7. Data on US New Home sales was almost in line with expectations, 417K vs. 416K. Some US companies published financial statements and it was better than expected and DJIA and S&P 500 rose 1.05%. However, the euro did not manage to overcome weak PMI and the rumors about ECB slashes key rate and dropped 70 points.
Today at 12:00 GMT+4 data on IFO Expectations in Germany in April is issued. It is estimated to be 103.0 vs. 103.6 in March. US figures are expected to decrease, US Durable Goods Orders in March are estimated to be -2.8% vs. rise for 5.6% in February (the figure was revised from 5.7%). Durable Goods excluding transportations are expected to be 0.5% vs. revised downwardly -0.7%. 300 US companies are to release reports, forecast for Boeing profit $1.48 per share vs. $1.22 a year ago, General Dynamics $1.50 vs. $1.57.
Thus, the market may swing at any side. All we have to do is to follow news and move along with the market. Technically, after the rate consolidates above the trendline on H4 (higher 1.3053), the growth may continue to 1.3107 and then to the next trendline (in the area 1.3137, the high of April 11). If the yesterday’s low 1.2972 (1.2962) is broken, further bearish move to the area of conjunction of trendlines on the H4 is possible. This area coincides with the support on the daily chart, 1.2915/20.
The material has been provided by InstaForex Company – www.instaforex.com
Yesterday data on PMI Indices was not in line with forecasts. Data on Germany and the eurozone was worse than estimates, only in France it grew. PMI Manufacturing in the eurozone was 46.5 vs. forecast for 46.8, PMI Services was 46.6 vs. 46.7. Data on US New Home sales was almost in line with expectations, 417K vs. 416K. Some US companies published financial statements and it was better than expected and DJIA and S&P 500 rose 1.05%. However, the euro did not manage to overcome weak PMI and the rumors about ECB slashes key rate and dropped 70 points.
Today at 12:00 GMT+4 data on IFO Expectations in Germany in April is issued. It is estimated to be 103.0 vs. 103.6 in March. US figures are expected to decrease, US Durable Goods Orders in March are estimated to be -2.8% vs. rise for 5.6% in February (the figure was revised from 5.7%). Durable Goods excluding transportations are expected to be 0.5% vs. revised downwardly -0.7%. 300 US companies are to release reports, forecast for Boeing profit $1.48 per share vs. $1.22 a year ago, General Dynamics $1.50 vs. $1.57.
Thus, the market may swing at any side. All we have to do is to follow news and move along with the market. Technically, after the rate consolidates above the trendline on H4 (higher 1.3053), the growth may continue to 1.3107 and then to the next trendline (in the area 1.3137, the high of April 11). If the yesterday’s low 1.2972 (1.2962) is broken, further bearish move to the area of conjunction of trendlines on the H4 is possible. This area coincides with the support on the daily chart, 1.2915/20.
The material has been provided by InstaForex Company – www.instaforex.com
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