Here are the key factors to keep in mind today for Euro trades:
- German GDP: The Final German GDP for the first-quarter increased by 0.6% quarterly and by 1.7% annualized. Economists predicted an increase of 0.6% quarterly and of 1.7% annualized. Forex traders can compare this to the first German GDP report for the first-quarter which increased by 0.6% quarterly and by 1.7% annualized. Exports increased by 1.3% and Imports increased by 0.4%. Economists predicted an increase of 1.5% and of 1.0%. Forex traders can compare this to the first data on Exports which increased by 1.7% and Imports which increased by 2.5%. German Private Consumption increased by 0.3% and German Domestic Demand by 0.2%. Economists predicted an increase of 0.3% and of 0.5%. Forex traders can compare this to the first data on German Private Consumption which increased by 0.2% and German Domestic Demand which increased by 0.7%. German Government Spending increased by 0.4%. Economists predicted an increase of 0.3%. Forex traders can compare this to the first data on German Government Spending which increased by 0.3%. German Capital Investment increased by 1.7% and German Construction Investment by 2.3%. Economists predicted an increase of 1.7% and of 2.5%. Forex traders can compare this to the first data on German Capital Investment which increased by 0.4% and German Construction Investment which increased by 0.8%.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for May was reported at 54.0. Economists predicted a figure of 55.2. Forex traders can compare this to the French Markit Manufacturing PMI for for April which was reported at 55.1. The Preliminary French Markit Services PMI for May was reported at 58.0. Economists predicted a figure of 56.7. Forex traders can compare this to the French Markit Services PMI for for April which was reported at 56.7. The Preliminary French Markit Composite PMI for April was reported at 57.6. Economists predicted a figure of 56.6. Forex traders can compare this to the French Markit Composite PMI for for April which was reported at 56.6.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for May was reported at 59.4. Economists predicted a figure of 58.0. Forex traders can compare this to the German Markit Manufacturing PMI for for April which was reported at 58.2. The Preliminary German Markit Services PMI for May was reported at 55.2. Economists predicted a figure of 55.5. Forex traders can compare this to the German Markit Services PMI for for April which was reported at 55.4. The Preliminary German Markit Composite PMI for May was reported at 57.3. Economists predicted a figure of 56.6. Forex traders can compare this to the German Markit Composite PMI for for April which was reported at 56.7.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for May was reported at 57.0. Economists predicted a figure of 56.5. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for April which was reported at 56.7. The Preliminary Eurozone Markit Services PMI for May was reported at 56.2. Economists predicted a figure of 56.4. Forex traders can compare this to the Eurozone Markit Services PMI for for April which was reported at 56.4. The Preliminary Eurozone Markit Composite PMI for May was reported at 56.8. Economists predicted a figure of 56.7. Forex traders can compare this to the Eurozone Markit Composite PMI for for April which was reported at 56.8.
- German IFO: The German IFO Business Climate Index for May was reported at 114.6. Economists predicted a figure of 113.1. Forex traders can compare this to the German IFO Business Climate Index for April which was reported at 113.0. The German IFO Current Assessment Index for May was reported at 123.2. Economists predicted a figure of 121.0. Forex traders can compare this to the German IFO Current Assessment Index for April which was reported at 121.4. The German IFO Expectations Index for May was reported at 106.5. Economists predicted a figure of 105.4. Forex traders can compare this to the German IFO Expectations Index for April which was reported at 105.2.
Here are the key factors to keep in mind today for British Pound trades:
- UK Public Sector Net Borrowing: UK Public Sector Net Borrowing for April was reported at £9.6B and UK Public Sector Net Borrowing excluding Banking Groups at £10.4B. Economists predicted a figure of £8.0B and £8.8B. Forex traders can compare this to UK Public Sector Net Borrowing for March which was reported at £2.3B and UK Public Sector Net Borrowing excluding Banking Groups which was reported at £3.1B. UK Public Finances for April were reported at -£15.21B and UK Central Government Borrowing at -£15.20B. Forex traders can compare this to UK Public Finances for March which was reported at £27.7B and UK Central Government Borrowing which was reported at £18.3B.
- UK CBI Retailing Reported Sales and CBI Total Distributed Reported Sales: UK CBI Retailing Reported Sales for May were reported at 2 and CBI Total Distributed Reported Sales were reported at 18. Economists predicted a figure of 10 and 31. Forex traders can compare this to UK CBI Retailing Reported Sales for April which were reported at 38 and to CBI Total Distributed Reported Sales which were reported at 44.
Should price action for the EURGBP remain inside the or breakout above the 0.8625 to 0.8675 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 0.8650
- Take Profit Zone: 0.8800 – 0.8850
- Stop Loss Level: 0.8525
Should price action for the EURGBP breakdown below 0.8625 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 0.8575
- Take Profit Zone: 0.8400 – 0.8450
- Stop Loss Level: 0.8625
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