Global macro overview for 01/09/2015:
Overnight disappointing data from Asia (Chinese PMI lower than expected at 49.7 v s. 49.8) was not surprising, so the overall investor sentiment is still very negative in regard to the future of the global recovery. The Chinese PMI fell to the lowest levels in three years. The next PMI data for today will be released in the EU countries just before 10:00 GMT (Germany, France, Spain, and total for the EU), and PMI Manufacturing news release from the UK is scheduled at 10:30 GMT as well. Please notice those are revised figures, so traders should not expect a sharp market reaction unless a revision is very significant.
The EUR/USD pair is currently trading back in the congestion zone and is trying to bounce from the 1.1215 daily support level. Next daily resistance comes at the level of 1.1470.
The material has been provided by InstaForex Company – www.instaforex.com