BREAKING: Flash July PMI readings from Eurozone weaker than expected. EURUSD loses 📉

Eurozone Composite PMI (flash for July) came in 50.1 vs 50.9 exp. and 50.9 previously

• Services: 51.9 vs 52.9 exp. and 52.8 previously
• Manufacturing: 45.6 vs 46.1 exp. and 45.8 previously

Germany Composite PMI came in 48.7 vs 50.6 exp. and 50.4 previously

• Services: 52 vs 53.3 exp. and 53.1 previously
• Manufacturing: 42.6 vs 44 exp. and 43.5 previously

France Composite PMI came in 49.5 vs 48.8 exp. and 48.8 previously

• Services: 50.9 vs 49,7 exp. and 49,8 previously
• Manufacturing: 44.1 vs 45.9 exp. and 45.4 previously

EURUSD weakened after macro readings from Eurozone economies, with again falling economic momentum in Germany. The German DAX is losing almost 1% today, and even higher chances for ECB rate cuts don't support buyers today. Flash PMIs from France came in higher than expected (except for manufacturing) and now investors are waiting for UK readings (9:30 AM BST). Especially weak manufacturing data signal some possible, further headwinds for European economies.

EURUSD (H1 interval)

Source: xStation5Source: Markit Economics, Macrobond, XTB Research

Source: Markit Economics, Macrobond, XTB Research