Forex Zone (Forex Zone)
Czech markets  |  October 03, 2012 10:07:03

China slows and graphs blush


Tonight was published official purchasing managers index (PMI) of China. Compared to August, in September, a significant drop in the index from 56.6 to 53.7. This index had its lowest since November 2010. Among the reasons for decline in the index indicates a weakening of the National Statistical Office in the construction sector, transport and the overall low number of new orders.

Based on these macro reports weakening of risky assets, primarily AUD, which is "abroach" yesterday by reducing interest rates and NZD. These two currencies are most tied to the performance of the Chinese economy.

As regards developments in the monitored pair EUR / USD, so that yesterday tested under low Asian session, as we expected, and then strengthened to resistance around 1.2960, for which we are warned . Today, due to poor PMI index from China EUR / USD weakens. So far things are going so it could be tested Reviews Support around 1.2850. We considered this possibility already yesterday. Although currently (9:19) we are seeing more significant entry into the market of shoppers.He could therefore repeated yesterday's scenario, when Europe and America pushed their purchases price of a pair above.

Our view is changed to neutral. Today will be published two important macro data that could market cuckold. But we rather wait trading in the range 1.2860 to 1.2950. Slowly getting ready for tomorrow's ECB decision that will be decisive for the next few weeks.

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