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We expect SM to trend downwards today with a 80% chance.

Based on the last 12 Markit Manufacturing PMI Flash events in Germany, we expect SM to trend downwards later today. Based on these past events there is a 80% chance of this. This will happen if the released value is < 44.0 Historical events that allowed us to draw this conclusion

24 Jul 07:30
23 May 07:30
18 Apr 07:30
22 Mar 08:30
24 Jan 08:30
24 Oct 07:30
21 Sep 07:30

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).

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Be very careful of upcoming volatility. We expect a $195.871 movement on USDCAD.

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NZD/USD Target Level: 0.6346

NZD/USD Target Level: 0.6346

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