Negative macroeconomic statistics from China | 03 Maret 2021

03 Maret 2021, USD/JPY

Negative macroeconomic statistics from China

USDJPY trading plan:

China’s services sector activity grew, but at its slowest pace in ten months, in February, a private sector survey said. The Caixin services purchasing managers’ index, released earlier in the day, stood at 51.5 against January’s 52 figure. It follows the Caixin manufacturing PMI, released earlier in the week, which were 50.9 against the 51.5 in forecasts. The survey also said that a sub-index for employment, which stood at 47.9, slipped into contraction after six months of growth as companies lay off workers. New export business also dropped after three months of expansion. This is a negative signal for USDJPY.

Investment idea: sell 106.98 and take profit 106.58.

David Johnson
Analyst of «FreshForex» company
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