EUR/USD at 1.1219. US manufacturing PMI lower than estimated.

EUR/USD had a volatile session today. As of 5:00 PM EDT the pair was trading at 1.1219, unchanged from the previous close.

Barclays analysts provided their outlook on EUR/USD today. “We are paring back our bearish view in the short-term. Small basing candles point to a squeeze higher in range. Overall we are bearish and would prefer to fade upticks against resistance in the 1.1350 area. Our downside targets are towards 1.1125 and then 1.0990” written in the report.

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US shares closed slightly lower today. Below is presented the performance of major indices:

  • DJIA closed at 17,492.93, down just 0.05%.
  • Nasdaq Composite lost 0.08% finishing at 4,765.78.
  • S&P 500 closed at 2,048.04, which is 0.21% lower than the previous close.

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According to the Markit’s data released today, the US manufacturing PMI came at 50.5 in May, compared with the analysts estimate of 51.0. A figure above 50 indicates an expansion in the sector.

“The weak manufacturing data cast doubt on the ability of the U.S. economy to rebound from its disappointing start to the year in the second quarter. The survey is signaling that manufacturing will act as a drag on economic growth in the second quarter, leaving the economy once again dependent on the service sector, and consumers in particular, to sustain growth” said  Chris Williamson, the chief economist of Markit.

Oil prices moderately declined today. As of 4:43 PM EDT the WTI Crude was trading at 48.10 USD/bbl down 0.64% and Brent Crude at 48.35 USD/bbl, which is 0.76% lower than the previous close.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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