EUR gains slightly after PMI revisions

Services PMI indices from European countries for March were released this morning. While PMI data is noteworthy, it should be said that the majority of today's releases were revisions to an already-released flash data and therefore were not expected to trigger any larger market moves.

Data turned out to be better-than-expected. Reports from Spain and Italy beat expectations, while reports from France, Germany and the whole euro area were revised higher. A point to note it that German services index was revised above 50 pts, indicating that German services sector was in expansion in March.

European services PMIs for March

• Spain: 56.1 vs 55.4 expected (54.7 previously)
• Italy: 54.6 vs 53.2 expected (52.2 previously)
• France: 48.3 vs 47.8 in first release (48.4 previously)
• Germany: 50.1 vs 49.8 in first release (48.3 previously)
• Euro area: 51.5 vs 51.1 in first release (50.2 previously)

Better-than-expected data support EUR, allowing EURUSD to break above 1.0850 mark. European equity indices also gained.

EURUSD jumped above 1.0850 mark after services PMI revisions. Source: xStation5