I've taken a short position on EG, prior to PMI data being released over the next few hours.
Yesterday, I managed to get nice sells on this with the technicals provided, to the "weak low" as you see on the chart. Looking this morning, I expect this trend to continue and dont see a bullish angle on this pair yet until we see a deeper retracement - which is what Im involved in currently.
Fundamentally, Services PMIs tend to matter more for the UK, which is heavily services driven (80% of GDP), with manufacturing PMIs mattering more for Germany, the EU’s engine.
BoE - Slower to commit to cuts due to persistant wage growth and services inflation.
ECB - They are much more dovish in recent statements. Core inflation has been easing, and rate cuts are on the table as early as Q2/Q3.
Yesterday, I managed to get nice sells on this with the technicals provided, to the "weak low" as you see on the chart. Looking this morning, I expect this trend to continue and dont see a bullish angle on this pair yet until we see a deeper retracement - which is what Im involved in currently.
Fundamentally, Services PMIs tend to matter more for the UK, which is heavily services driven (80% of GDP), with manufacturing PMIs mattering more for Germany, the EU’s engine.
BoE - Slower to commit to cuts due to persistant wage growth and services inflation.
ECB - They are much more dovish in recent statements. Core inflation has been easing, and rate cuts are on the table as early as Q2/Q3.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.