Alex Bobrov
Markit Economics’ eurozone PMI report for August showed a more-than-expected decline, thereby disappointing investors. The index declined down to 45,1 instead of 45,3.
For reference, any figures below 50.0 suggest a slowdown. The production decline is believed to be the main reason for the economic recession in the eurozone. The export and domestic consumption are seeing a decline as well.
Forex.
According to , the Euro currency is flattish against the US Dollar. The experts report that EURUSD is fluctuating within the 1,2493-1,2637 range.
In order to resume the recent rally, the price will have to break and consolidate above 1,2637. The mid-term trend will reverse as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1,2493 (as shown below).
Alex Bobrov
