EUR/USD: German constitutional court ruling today
Lack of data out of the Eurozone, but a few items including ISM out of the US.
EUR/USD Technical analysis, overview, strategies, and levels
Final manufacturing PMIs (Purchasing Managers Index) out of the Eurozone confirmed heavy contraction for the sector with significant sub-50 readings for the bloc with its lowest ever reading, as well as for its core countries. Sentix's investor confidence reading failed to rebound with another big negative figure, and for today the economic data will mostly be low-impacting. The one event of crucial importance to European debt holders will be Germany's constitutional court ruling regarding the ECB's (European Central Bank) bond purchasing program which has fewer restrictions than its 2015 quantitative easing program. Should the court rule in favor but impose more restrictions, and spreads could widen between EZ countries' yields. The euro underperformed amongst the FX majors yesterday, taking its price back below its 50-day moving average.
IG client* and CoT sentiment for EUR/USD
EUR/USD Chart with retail and institutional sentiment
*The percentage of IG client accounts with positions in this market that are currently long or short. Calculated to the nearest 1%, as of today morning 8am.
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