Forex Zone (Forex Zone)
Czech markets  |  December 03, 2012 10:45:10

China sent risky assets above


As we can observe several times, and publication of the Chinese PMI index has a significant impact on the markets. Tonight HSBC published the final value of this index for November and the market reacted strongly to it. In November the index is 50.5 versus 49.5 in October.

The official value of PMI index released on Saturday, the Chinese National Bureau of Statistics, has a value of 50.6 versus 50.2 in October. This is the best result in the last 7 months.So now we have headlines about recovery, but also in Articles sounds caution, because advanced economies are still struggling with high debt and cuts that reduce their demand.

As regards developments in the monitored pair EUR / USD, so that on Friday morning and afternoon practice evolved into a party with a few steeper price fluctuations in both directions. Today's Asian session showcased a wide range, which is created in response to the announcement of China's PMI index. Price is currently (9:12) moves near the high (1.3035).

We will wait to see how to build a trading European merchants and especially what the impact of the publication of the euro zone PMI indices and major European economies (before 10:00). The afternoon will be published in the U.S. ISM index, which can lead to increased volatility. From our perspective, the market is in a clear uptrend. We do not perceive the current price of the area where the price should therefore carefully test and build short positions.

Above we see the current price around major resistance around 1.3055 and 1.3085. Below the current market price of the perceived major supports of around 1.2980 and about 1.2940.

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