The euro/dollar could not sustain it’s rebound
02.06.2014
This Monday afternoon the EUR/USD pair is trading down after a series of publications on business activity in the manufacturing sector in several European countries.
The euro/dollar got "knocked down" again. And earlier, looking at the macroeconomic calendar scheduled for this week’s publications, it became clear that this week will not be easy, but it was hoped that at least Monday would remain neutral. But that was theory and reality turned out differently.
The morning block of statistics on the index of business activity in the manufacturing sector in several European countries was not the most impressive, and it upset those market participants who have been buying up the pair during the technical rebound. German data showed deterioration in activity to 52.3 points in May against the forecast of 52.9 points. The same report showed a slight strengthening in France to 49.6 points against the expected 49.3 points. The Swiss release showed that manufacturing activity in May fell most notably - to 52.5 points from 55.7.
The May release for the euro zone also came out with a weak value of 52.2 points versus the 52.5 points forecast.
Technically, this data is not surprising - in fact the figures on business activity in the manufacturing and non-manufacturing sectors were already published, where the contrast was visible to the naked eye.
It seems that the EUR/USD pair remains under sell orders until the publication of the report on Tuesday on inflation in the euro zone for May.
RoboForex Analytical Department
The euro/dollar got "knocked down" again. And earlier, looking at the macroeconomic calendar scheduled for this week’s publications, it became clear that this week will not be easy, but it was hoped that at least Monday would remain neutral. But that was theory and reality turned out differently.
The morning block of statistics on the index of business activity in the manufacturing sector in several European countries was not the most impressive, and it upset those market participants who have been buying up the pair during the technical rebound. German data showed deterioration in activity to 52.3 points in May against the forecast of 52.9 points. The same report showed a slight strengthening in France to 49.6 points against the expected 49.3 points. The Swiss release showed that manufacturing activity in May fell most notably - to 52.5 points from 55.7.
The May release for the euro zone also came out with a weak value of 52.2 points versus the 52.5 points forecast.
Technically, this data is not surprising - in fact the figures on business activity in the manufacturing and non-manufacturing sectors were already published, where the contrast was visible to the naked eye.
It seems that the EUR/USD pair remains under sell orders until the publication of the report on Tuesday on inflation in the euro zone for May.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.