This morning’s string of reports from France, Germany and the broader euro zone disappointed many investors seeking an excuse to turn towards riskier assets. The climactic week we’ve seen left many wanting more information on what direction markets will turn and were expecting today’s flash manufacturing and service numbers to fill in some gaps.
Most of the day’s reports were slightly below forecasts, suggesting what traders already knew: manufacturing is in decline this quarter. But the fall in services output from all but Germany gave cause for concern. Traders are beginning to see some downward movement in the riskier assets as a result of this morning’s news. One can only wonder when the recovery will be solid enough to warrant a return to normal market conditions.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
