Forex Zone (Forex Zone)
World markets  |  September 20, 2012 09:44:03

Chinese slowdown continues

Tonight published HSBC purchasing managers' index in Chinese manufacturing. The published number (47.8) is about two tenths better than last month, when the index value was 47.6. Despite the slight improvement in the value of the index is still below 50, indicating contraction in Chinese manufacturing factories. For deceleration is mainly weaker demand in the euro area, which is the largest market for Chinese exports, but also from the USA.
Economist Hongbin Qu of HSBC said the slowdown in production "brings pressure on the (Chinese) labor market and is a challenge for Beijing to ease monetary policy intensified in recent weeks."

As regards developments in the monitored pair EUR / USD, so that during yesterday's European session to weaken Reviews Support around 1.3000, for which we are warned . There was also a test target at 1.3010, which we warned 09.17 After the announcement of the U.S. macro news came at 16:00 to the rapid strengthening of the 1.3060 level, around which the market fluctuated almost until closing.

Today's Asian session brought an unusually large margin. Outs were a reaction to purchasing managers index of manufacturing in China. According to our analysis, the ongoing correction slows despite price movement below, we see more potential trading around 1.3050 levels. In addition, above the current market price (1.2980), we see a high probability of target testing on high and today's Asian session high Tuesday's session. Today is a relatively rich in macro announcement messages that may change our view. If you come any negative surprises, the existing short-term downtrend to continue.

Currently, the currency pair EUR / USD bouncing off Reviews Support around 1.2975. Under this additional support perceive greater support around 1.2925 and about 1.2900. Above the current market price is more short-term resistance. Significant perceive them about 1.3010 and about 1.3040 and 1.3085.

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