According to the latest report published by Destatis, Germany’s manufacturing sector saw a decline in September. This is a preliminary report. Analysts say that this is the continuation of the decline started in August.
When adjusted for seasonality, the turnover dropped by 1,1% over the same reporting period, the report says. The dynamics accelerated in September since a month before the similar value was at 1.0%. It should be noted that the mentioned negative dynamics seen in August and September look especially depressing if to compare them to the 1,4% growth seen in July.
On top of that it is important to keep in mind that the mentioned decline took place both in the domestic and international markets. The domestic market saw a 1,2% drop in September. At the export saw a decrease by 1,1% over the same reporting period. The year-over-year figures indicate that the turnover increased by 0,7%. This is a major slowdown if to consider the 3,1% y/y growth in August.
FOREX
Masterforex-V academy reports that the common European currency keeps on going down against the U.S. Dollar within the scope of a long-term downtrend. More specifically, EURUSD is going down within the cope of wave 3/C of level Daily2.
A break above the top of the descending MF sloping channel and MF pivot 1.0893 will indicate the end of the bearish move. The closest levels of support are 1.0668, 1.0610/07, 1.0526, 1.0439 + the 1.0462 low.
