Here are the key factors to keep in mind today for Euro trades:
- Final French GDP: The Final French GDP for the second-quarter increased by 0.5% quarterly and by 1.8% annualized. Economists predicted an increase of 0.5% quarterly and by 1.7% annualized. Forex traders can compare this to the previous second-quarter GDP report which increased by 0.5% quarterly and by 1.7% annualized.
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for September was reported at 56.0. Economists predicted a figure of 55.5. Forex traders can compare this to the French Markit Manufacturing PMI for for August which was reported at 55.8. The Preliminary French Markit Services PMI for September was reported at 57.1. Economists predicted a figure of 54.8. Forex traders can compare this to the French Markit Services PMI for for August which was reported at 54.9. The Preliminary French Markit Composite PMI for August was reported at 57.2. Economists predicted a figure of 55.0. Forex traders can compare this to the French Markit Composite PMI for for August which was reported at 55.2.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for September was reported at 60.6. Economists predicted a figure of 59.0. Forex traders can compare this to the German Markit Manufacturing PMI for for August which was reported at 59.3. The Preliminary German Markit Services PMI for September was reported at 55.6. Economists predicted a figure of 53.8. Forex traders can compare this to the German Markit Services PMI for for August which was reported at 53.5. The Preliminary German Markit Composite PMI for September was reported at 57.8. Economists predicted a figure of 55.7. Forex traders can compare this to the German Markit Composite PMI for for August which was reported at 55.8.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for September was reported at 58.2. Economists predicted a figure of 57.2. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for August which was reported at 57.4. The Preliminary Eurozone Markit Services PMI for September was reported at 55.6. Economists predicted a figure of 54.8. Forex traders can compare this to the Eurozone Markit Services PMI for for August which was reported at 54.7. The Preliminary Eurozone Markit Composite PMI for September was reported at 56.7. Economists predicted a figure of 55.5. Forex traders can compare this to the Eurozone Markit Composite PMI for for August which was reported at 55.7.
Here is the key factor to keep in mind today for Japanese Yen trades:
- Japanese Buying Foreign Bonds and Japanese Buying Foreign Stocks/Foreign Buying Japanese Bonds and Foreigners Buying Japanese Stocks: Japanese Buying Foreign Bonds for September 15th was reported at ¥381.8B and Japanese Buying Foreign Stocks was reported at ¥141.9B. Forex traders can compare this to Japanese Buying Foreign Bonds for September 8th which was reported at ¥200.7B and to Japanese Buying Foreign Stocks which was reported at ¥306.1B. Foreign Buying Japanese Bonds for September 15th was reported at -¥55.0B and Foreigners Buying Japanese Stocks which was reported at -¥918.6B. Forex traders can compare this to Foreign Buying Japanese Bonds for September 8th which was reported at ¥555.8B and to Foreigners Buying Japanese Stocks which was reported at -¥643.9B.
Should price action for the EURJPY remain inside the or breakdown below the 134.000 to 134.500 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 134.250
- Take Profit Zone: 128.750 – 130.000
- Stop Loss Level: 136.000
Should price action for the EURJPY breakout above 134.500 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 135.000
- Take Profit Zone: 136.500 – 137.000
- Stop Loss Level: 134.250
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