On Friday there was a lot of negative news. Unemployment rate in the eurozone grew again 0.1% to 12.2%. There are no signs this tendency will stop. It started from September 2011, when the unemployment rate was 10%. US Personal Spending declined by 0.2% vs. growth for 0.2%. Data on US Personal Income was flat vs. forecast for 0.2%. However, figures of Chicago Purchasing Managers Index surpassed the expectations but 2 hours before the trading session finished investors closed positions massively. As the result the euro lost 52 points, S&P 500 lost 1.42%, and gold fell 1.7%.
On Friday, GDP in India was published, by the end of the fiscal year (March 31), GDP has grown 5% which is the least for the last 10 years.
Today at 12:00 GMT+4 Manufacturing PMI in the eurozone in May (final estimate) is published. It is estimated to be flat, 47.8. At 17:00 GMT+4 data on Manufacturing PMI in May (final estimate) is expected to be 52.0 vs. 51.9. At 18:00 GMT+4 US Construction Spending in April, forecast 1.0% vs. -1.7% in March. At the same time data on US ISM Manufacturing in May is published, it is estimated to be 50.6 vs. 50.7 in April.
If data is positive we may expect the price consolidates above the testing level 1.3015 with further growth to the resistance of trend line on the H4 1.3070. Bearish tendency may develop if the level 1.2948 with target 1.2910. is overcome.
The material has been provided by InstaForex Company – www.instaforex.com
On Friday there was a lot of negative news. Unemployment rate in the eurozone grew again 0.1% to 12.2%. There are no signs this tendency will stop. It started from September 2011, when the unemployment rate was 10%. US Personal Spending declined by 0.2% vs. growth for 0.2%. Data on US Personal Income was flat vs. forecast for 0.2%. However, figures of Chicago Purchasing Managers Index surpassed the expectations but 2 hours before the trading session finished investors closed positions massively. As the result the euro lost 52 points, S&P 500 lost 1.42%, and gold fell 1.7%.
On Friday, GDP in India was published, by the end of the fiscal year (March 31), GDP has grown 5% which is the least for the last 10 years.
Today at 12:00 GMT+4 Manufacturing PMI in the eurozone in May (final estimate) is published. It is estimated to be flat, 47.8. At 17:00 GMT+4 data on Manufacturing PMI in May (final estimate) is expected to be 52.0 vs. 51.9. At 18:00 GMT+4 US Construction Spending in April, forecast 1.0% vs. -1.7% in March. At the same time data on US ISM Manufacturing in May is published, it is estimated to be 50.6 vs. 50.7 in April.
If data is positive we may expect the price consolidates above the testing level 1.3015 with further growth to the resistance of trend line on the H4 1.3070. Bearish tendency may develop if the level 1.2948 with target 1.2910. is overcome.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: