Flash PMI indices for January from France and Germany were released today at 8:15 am GMT and 8:30 am GMT, respectively. French release turned out to be mixed - the manufacturing index showed a big beat and returned above the 50 threshold while the services index missed expectations and moved deeper into contraction territory. Similarly mixed results were shown by German reading. However, in this case manufacturing data missed expectations while services gauge beat and moved back above 50 point threshold.
France
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Manufacturing: 50.8 vs 49.7 expected (49.2 previously)
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Services: 49.2 vs 49.9 expected (49.5 previously)
Germany
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Manufacturing: 47.0 vs 47.8 expected: (47.1 previously)
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Services: 50.4 vs 49.6 expected (49.2 previously)
EURUSD moved lower in a knee-jerk move following the French release but this drop was quickly erased while European indices moved higher. However, upward move on EURUSD was entirely erased following release of German data. DE30 erased big part of the gain but continues to trade slightly above pre-announcement levels.
EURUSD took a hit following release of German PMI data and is looking back towards the 1.0860 support zone. Source: xStation5
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