EUR/USD at 1.1489. China’s service sector grew in April.

EUR/USD slightly rose during Asian session today. As of 03:00 AM EDT the pair was trading at 1.1489, just 0.03% above the previous close.

UOB analysts provided their short-term outlook on EUR/USD yesterday. “While the 1.1600 target indicated yesterday was exceeded with a high of 1.1614, the sharp and rapid drop from the top suggests increasing risk of a short-term top. That said, confirmation of a top is only upon a move below the stop-loss at 1.1400. In the meanwhile, EUR is expected to trade sideways but it has to move and stay above 1.1550 within these few days as prolonged consolidation would lead to a rapid loss in momentum” written in the report.

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Asian shares were mixed today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,997.84, up 0.22%.
  • Hang Seng lost 0.37% finishing at 20,450.70.
  • S&P/ASX 200 closed at 5,279.10, which is 0.15% higher than the previous close.
  • Indian Sensex was trading at 25,196.76 as of 1:28 PM IST, which represents a 0.38% increase from the previous close.

According to the data released today, the China Caixin services purchasing managers’ index (PMI) was 51.8 in April, slightly decreasing from a reading of 52.2 in March. A figure above 50 is an indication of expansion in the sector.

“Expansion in the services sector helped offset some of the impact caused by flagging manufacturing. Overall, however, the economy still faces relatively strong downward pressure. The government needs to keep implementing moderate stimulus to prevent a hard landing of the economy.” said He Fan from Caixin Insight Group.

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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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