The manufacturing data is stated as one of the most important data for the economy. It refers to a level of a diffusion index based on purchasing managers in the manufacturing industry. The survey has mixed outlook, combining the EUROZONE rosy outlook, there were several major announcements previous week:
The year before, in Nov, 2014 the currency pair was 1.2144 while today in Nov, 2015 it has dropped to a level much lower than 1.1024, it means from the past 12 months the currency pair: “EUR/USD” has been in a bearish trend because some of the major crisis surrounded the region:
With the YoY Change, The outlook had proved to be Bearish note. Given Below is the table:
Table 1.1: Change in EUR/USD (YoY)
From the above chart, it can be seen that the currency pair has dropped drastically. With the mixed announcements in EUROZONE the outlook has mixed feelings too. But Due to high unemployment and low average wages it has dropped the Avg. Earning Index hence we predict the bearish view on the currency till December this year.