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 January was reported at 58.1. Economists predicted a figure of 58.6. Forex traders can compare this to the French Markit Manufacturing PMI for for December which was reported at 58.8. The Preliminary French Markit Services PMI for January was reported at 59.3. Economists predicted a figure of 58.9. Forex traders can compare this to the French Markit Services PMI for for December which was reported at 59.1. The Preliminary French Markit Composite PMI for December was reported at 59.7. Economists predicted a figure of 59.2. Forex traders can compare this to the French Markit Composite PMI for for December which was reported at 59.6.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for January was reported at 61.2. Economists predicted a figure of 63.0. Forex traders can compare this to the German Markit Manufacturing PMI for for December which was reported at 63.3. The Preliminary German Markit Services PMI for January was reported at 57.0. Economists predicted a figure of 55.5. Forex traders can compare this to the German Markit Services PMI for for December which was reported at 55.8. The Preliminary German Markit Composite PMI for January was reported at 58.8. Economists predicted a figure of 58.5. Forex traders can compare this to the German Markit Composite PMI for for December which was reported at 58.9.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for January was reported at 59.6. Economists predicted a figure of 60.3. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for December which was reported at 60.6. The Preliminary Eurozone Markit Services PMI for January was reported at 57.6. Economists predicted a figure of 56.4. Forex traders can compare this to the Eurozone Markit Services PMI for for December which was reported at 56.6. The Preliminary Eurozone Markit Composite PMI for January was reported at 58.6. Economists predicted a figure of 57.9. Forex traders can compare this to the Eurozone Markit Composite PMI for for December which was reported at 58.1.
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 December was reported at 8.6K and the Claimant Count Rate was reported at 2.4%. Forex traders can compare this to the UK Jobless Claims Change for November which were reported at 12.2K and to the Claimant Count Rate which was reported at 2.3%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in November was reported at 102K and the ILO Unemployment Rate was reported at 4.3%. Economists predicted a reading of -10K and 4.3%. Forex traders can compare this to the UK Employment Change for October which was reported at -56K and to the ILO Unemployment Rate which was reported at 4.3%. Average Weekly Earnings for the tri-monthly period ending in November increased by 2.5% annualized and Average Weekly Earnings Excluding Bonuses increased by 2.4% annualized. Economists predicted an increase of 2.5% and of 2.3%. Forex traders can compare this to Average Weekly Earnings for October which increased by 2.5% and Average Weekly Earnings Excluding Bonuses which increased by 2.3%.
Should price action for the EURGBP remain inside the or breakout above the 0.8730 to 0.8770 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8750
- Take Profit Zone: 0.8900 – 0.8925
- Stop Loss Level: 0.8690
Should price action for the EURGBP breakdown below 0.8730 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8710
- Take Profit Zone: 0.8595 – 0.8650
- Stop Loss Level: 0.8750
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