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BREAKING: Disappointing PMIs send EUR and stocks lower

08:33 23 June 2022

Flash PMI releases are key points in the European economic calendar today. The two most closely watched reports - French and German - were already released at 8:15 am and 8:30 am BST. Release from France turned out to be a huge disappointment as both indices missed expectations significantly. Nevertheless, both manufacturing and services gauges remained above 50.0, signaling that sectors are still in expansion. Release from Germany did not offer any relief as big misses were spotted there as well. However, just as in case of French data, manufacturing and services sector indices from Germany remain in expansion territory.

France

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  • Manufacturing: 51.0 vs 53.8 expected (54.6 previously)

  • Services: 54.4 vs 57.5 expected (58.3 previously)

Germany

  • Manufacturing: 52.0 vs 53.9 expected (54.8 previously)

  • Services: 52.4 vs 54.5 expected (55.0 previously)

A rather strong market reaction could be spotted following the release of a disappointing French report. EUR and European equity markets dipped with DE30 once again dropping below the 13,000 pts mark. EURUSD pulled back from the 1.0580 resistance zone and broke below the lower limit of a short-term upward channel. A 1.05 support area is being tested now.

EURUSD, H1 interval. Source: xStation5

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