January PMI data for the European service sector have just been released, showing that relative to last month, business dynamics in the sector came under further downward pressure. In addition to the data from Germany, which came in line with expectations and in line with the previous reading, we see a weakening of overall sentiment. The euro, however, is not reacting to today's data and is trying to strengthen further against the US dollar. The magnitude of the surprises relative to today's is not overly large, hence the limited movements following the publication.
- Spain HCOB PMI Services Jan: 54.9 (est 56.8; prev 57.3)
- Italy HCOB PMI Services Jan: 50.4 (est 50.4; prev 50.7)
- France HCOB PMI Services Jan F: 48.2 (est 48.9; prev 48.9)
- Germany HCOB PMI Services Jan F: 52.5 (est 52.5; prev 52.5)
- Eurozone HCOB PMI Services Jan F: 51.3 (est 51.4; prev 51.4)
EURUSD pair, M5 interval. Source: xStation
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