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UPDATE: Euro fell after disappointing PMI indices in Germany and France

The release of Flash PMI indices in July is the highlight of today’s financial calendar. The two main Eurozone documents, French and German, are already released at 9:15 and 9:30.

The release of the French index was expected to show a decline from the June release, but the actual value was worse than the market expected. The manufacturing index fell below 50.0, in contraction territory. The service index fell from 53.9 to 52.1 and is still in expansion territory. The German record was not good. In this case, products and services were worse than expected and fell into the substandard category.

France

  • Production: 49.6 vs 50.9 expected (51.4 previously)

  • Performance: 52.1 vs 52.8 expected (53.9 previously)

Germany

  • Production: 49.2 vs 50.6 expected (52.0 previously)

  • Performance: 49.2 vs 51.2 expected (52.4 previously)

The euro and stocks fell after the publication of disappointing French PMI. The DE30 quickly recovered from this decline while the Euro lagged behind. However, some selling came after the release of disappointing German PMIs. EURUSD broke below short-term support in the 1.0750 area and is looking at yesterday’s lows.

Source: xStation5

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