Services PMIs for March from Europe were released throughout the morning. However, as most of those were revisions, no major deviations from expectations were expected and, in turn, releases were expected to be non-events from market point of view. Readings from Spain and Italy, which were first releases, showed decent beats. However, the French index was revised significantly lower from 55.5 in the first release to 53.9 now. This triggered some weakness on EUR market. German datacame in more or less in-line with flash estimates while data for whole EMU was revised lower (mostly on the back of French revision).
Services PMIs for March from Europe
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Spain: 59.4 vs 57.5 expected (56.7 previously)
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Italy: 55.7 vs 53.0 expected (51.6 previously)
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France (final): 53.9 vs 55.5 in first release (53.1 previously)
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Germany (final): 53.7 vs 53.9 in first release (50.9 previously)
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Euro area (final): 55.0 vs 55.6 in first release (52.7 previously)
As we have already said, EUR took a hit following release of French and declines deepened after reading for whole euro area. Taking a look at EURJPY chart at H1 interval, we can see that the pair is trying to break below the support zone ranging above the 143.80 mark. A break below would pave the way for a potential test of the support marked with 38.2% retracement of the recent major upward impulse.
Source: xStation5
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