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The data released by the data compiled agencies Markit shows manufacturing PMI of November in Euro zone fell to historical bottom, lower than the original bad data. The prospect of manufacture is really hard.
The data shows manufacturing PMI of November in Euro zone fell to 35.6, far away the original 36.2 and the prospect of economists. The output, added and surplus orders hit lowest bottom of history.
PMI in Euro zone has been below 50 for six months. Companies are cutting off jobs. Employment Index dropped to lowest level 41.0. The data reported by Eurostat on last Friday showed the unemployment rate rose to 7.7% the high of recent two years.
However, Input price decreased to the low of recent 7 years and output price also fell to the lowest since July, 2003, Which will give more pressure to European Central Bank on cutting rates substantially on Thursday
Thanks for the info, will see how much rares cutting on Thursda.
resistance
0.6755 November 11th’s break high
0.6695 November 14th’s high
0.6615 November 25th hour’s high
0.6555 December 1st’s high
support
0.6395 December 1st hour’s low
0.6335 November 25th’s low
0.6235 November 24th’s low
0.6075 November 20th’s low.
The USD/JPY finally got squeezed between our top-end resistance and downtrend line. The Dollar failed to make a convincing move upward, so the bears took over, sending the USD/JPY through several supports and past November lows. With China slowing faster than expected, the Japanese economy takes another blow to the head. All of Japan’s top export destinations are dwindling demand and consumption wise, placing added burden on the currency. Furthermore, after America’s disappointing PMI on Monday, investors expect the Fed to lower interest rates again. This takes more steam out of the carry trade as the enticement of interest rate swaps diminishes in value. The BOJ will hold a press conference on Tuesday, which should provide an interesting glimpse into the state of the Japanese economy. The USD/JPY is flirting with historical territory once again as it re-approaches the October bottom. We cannot place enough significance on present levels. If the USD/JPY should fall below 91, it will be difficult to determine its next stop. Therefore, hope rests on the turnaround of the S&P, as a recovery in the American economy would reignite Japan’s export-dominated economy. We placed fresh supports at 93.10 and 92.45. Our 94.16, 94.62, and 95.49 supports have turned into 1st, 2nd, and top-end resistances respectively. The USD/JPY is presently exchanging at 93.25
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Linear Mode
