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Global macro overview for 02/09/2015

Global macro overview for 02/09/2015:

Yesterday's PMI data release from the most of the EU countries (plus China, Russia, Vietnam, Korea, Taiwan, Indonesia, Australia, and South Africa) revealed that the PMI index rose only in 30% of the countries as the rest of them posted negative data. The biggest PMI gain was noted in Greece, Denmark, and Switzerland. The biggest PMI loss has occurred in Poland, Ireland, and South Africa. Nevertheless, the total PMI for the eurozone still stays above 50, so there is not contraction in the PMI so far.

The EUR/USD still trades inside the range, which is bounding the zone between the levels of 1.1718 - 1.0819. It was recently bounced from the technical support at the level of 1.1215. Next daily resistance is seen at the level of 1.1470.

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