ANALYSIS
NQ100 Finds Support from PPIApr 14
Losses May Continue in EURUSD
The composite PMI data announced in the Euro Zone with the cooperation of IHS Markit and S&P Global decreased to 48.9 points in August. While it is seen that the economic activity continues to slow down, energy prices rose again after the Russian energy company Gazprom announced that the natural gas shipments from the Nord Stream pipeline were suspended for an indefinite period. The situation puts pressure on the euro. On the other hand, with the non-farm employment data in the USA exceeding the expectations with 315,000 people in August, it is seen that the possibility of a 75-point tightening by the FED keeps the dollar strong, while it continues to weigh against the currencies of developed countries. Technically, in the EURUSD parity, which maintains its descending channel appearance on the first trading day of the week, if it can be permanently passed behind 0.9850, losses may continue to the level of 0.9790. If above, 0.9970 – 1.0035 range can work as stabilization zone.
