Flash PMI data for June from France and Germany has been released this morning. Market consensus called for higher services readings compared to a month ago and weaker manufacturing prints. While French data confirmed direction of changes, indices' levels missed expectations. On the other hand, data from Germany can be seen as a positive surprise as both manufacturing and services indices improved compared to a month ago and came in above expectations.
France
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Manufacturing: 58.6 vs 59.0 expected
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Services. 57.4 vs 58.9 expected
Germany
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Manufacturing: 64.9 vs 63.4 expected
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Services: 58.1 vs 55.0 expected
Reaction of the market to French data was muted. EURUSD dipped in a knee-jerk move but quickly began to regain ground. Release of data from Germany triggered a strong upward move on the EUR market. DE30 also moved lower after release of French data but it should be noted that European indices were losing ground since the start of today's cash trading. Release of German data triggered a small bounce.
EURUSD dipped after French PMIs but jumped after German beat. Source: xStation5
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