04 September 2023, EUR/USD
EURUSD trading plan:
U.S. manufacturing contracted for a 10th straight month in August, but the pace of decline continued to slow, suggesting that the sector could be stabilizing at lower levels. The Institute for Supply Management said that its manufacturing PMI increased to 47.6 last month from 46.4 in July. The index slumped to 46.0 in June, which was the lowest reading since May 2020. Since last November, the PMI has been stuck below the 50 threshold, which indicates contraction in manufacturing, the longest such stretch since the 2007-2009 Great Recession. The ISM survey's forward-looking new orders sub-index slipped to 46.8 last month from 47.3 in July. Order books improved slightly, though they remained depressed. Inventories at factories and their customers remained very low in August, a hopeful sign for future production.
Investment idea: range 1.0750 -1.0830.
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