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The excessive overbought condition of the dollar has indeed impacted the market, as the single European currency managed to show some growth despite the preliminary estimates of business activity indexes. The composite business activity index in the Eurozone rose from 49.6 to 49.7 points, although the forecast was for 50.1 points. This outcome was due to the services activity index, which fell from 51.4 to 51.2 points, whereas an increase to 51.7 points was expected. However, some support came from the manufacturing activity index, which increased from 45.0 to 45.9 points, exceeding the anticipated rise to 45.2 points.
More notable is that the single currency demonstrated slight but consistent growth, even in the face of similar data from the United States, which exceeded forecasts. Specifically, the manufacturing activity index in the U.S. rose from 47.3 to 47.8 points instead of the expected increase of 47.6 points. The services activity index, expected to decline from 55.2 to 55.0 points, actually grew to 55.3 points. As a result, the composite activity index climbed from 54.0 to 54.3 points despite predictions that it would remain unchanged.
Thus, market behavior indicates that the potential for dollar growth is exhausted, at least for now. The dollar's overbought condition has remained, so expecting a sustained rise in the euro seems reasonable.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
