Here are the key factors to keep in mind today for Euro trades:
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for February was reported at 56.1. Economists predicted a figure of 58.0. Forex traders can compare this to the French Markit Manufacturing PMI for for January which was reported at 58.4. The Preliminary French Markit Services PMI for February was reported at 57.9. Economists predicted a figure of 59.0. Forex traders can compare this to the French Markit Services PMI for for January which was reported at 59.2. The Preliminary French Markit Composite PMI for February was reported at 57.8. Economists predicted a figure of 59.2. Forex traders can compare this to the French Markit Composite PMI for for January which was reported at 59.6.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for February was reported at 60.3. Economists predicted a figure of 60.5. Forex traders can compare this to the German Markit Manufacturing PMI for for January which was reported at 61.1. The Preliminary German Markit Services PMI for February was reported at 55.3. Economists predicted a figure of 57.0. Forex traders can compare this to the German Markit Services PMI for for January which was reported at 57.3. The Preliminary German Markit Composite PMI for February was reported at 57.4. Economists predicted a figure of 58.5. Forex traders can compare this to the German Markit Composite PMI for for January which was reported at 59.0.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for February was reported at 58.5. Economists predicted a figure of 59.2. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for January which was reported at 59.6. The Preliminary Eurozone Markit Services PMI for February was reported at 56.7. Economists predicted a figure of 57.6. Forex traders can compare this to the Eurozone Markit Services PMI for for January which was reported at 58.0. The Preliminary Eurozone Markit Composite PMI for February was reported at 57.5. Economists predicted a figure of 58.4. Forex traders can compare this to the Eurozone Markit Composite PMI for for January which was reported at 58.8.
Here are the key factors to keep in mind today for British Pound trades:
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for January was reported at -7.2K and the Claimant Count Rate was reported at 2.3%. Forex traders can compare this to the UK Jobless Claims Change for December which was reported at 6.2K and to the Claimant Count Rate which was reported at 2.4%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in December was reported at 88K and the ILO Unemployment Rate was reported at 4.4%. Economists predicted a reading of 180K and 4.3%. Forex traders can compare this to the UK Employment Change for November which was reported at 102K and to the ILO Unemployment Rate which was reported at 4.3%. Average Weekly Earnings for the tri-monthly period ending in December increased by 2.5% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.5% annualized. Economists predicted an increase of 2.5% and of 2.4%. Forex traders can compare this to Average Weekly Earnings for November which increased by 2.5% and to Average Weekly Earnings Excluding Bonuses which increased by 2.3%.
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for January was reported at -£11.6B and UK Public Sector Net Borrowing excluding Banking Groups at -£10.0B. Economists predicted a figure of -£11.4B and of -£9.6B. Forex traders can compare this to UK Public Sector Net Borrowing for December which was reported at £0.3B and UK Public Sector Net Borrowing excluding Banking Groups which was reported at £1.9B. UK Public Finances for January were reported at -£26.4B and UK Central Government Borrowing at -£27.7B. Forex traders can compare this to UK Public Finances for December which were reported at £25.3B and to UK Central Government Borrowing which was reported at £21.7B.
Should price action for the EURGBP remain inside the or breakdown below the 0.8820 to 0.8860 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8840
- Take Profit Zone: 0.8690 – 0.8715
- Stop Loss Level: 0.8920
Should price action for the EURGBP breakout above 0.8860 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8875
- Take Profit Zone: 0.8980 – 0.9010
- Stop Loss Level: 0.8840
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