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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

BREAKING: EUR plunges after disappointing PMIs from Germany and France

08:33 22 July 2022

Releases of flash PMI indices for July are highlights in today's economic calendar. Two key releases from the euro area - French and German - were already released at 8:15 am BST and 8:30 am BST. 

French release was expected to show a deterioration compared to June's reading but actual reading was even worse than market expected. Manufacturing gauge dropped below 50.0 threshold - into contraction territory. Services index dropped from 53.9 to 52.1 and remained in expansion territory. Release from Germany was not positive either. In this case, both manufacturing and services indices turned out to be worse-than-expected and dropped into contraction territory.

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France

  • Manufacturing: 49.6 vs 50.9 expected (51.4 previously)

  • Services: 52.1 vs 52.8 expected (53.9 previously)

Germany

  • Manufacturing: 49.2 vs 50.6 expected (52.0 previously)

  • Services: 49.2 vs 51.2 expected (52.4 previously)

Euro and equity indices pulled back following releases of disappointing French PMIs. DE30 quickly recovered from the drop while the euro remained lower. However, another wave of selling arrived after release of disappointing German PMIs. EURUSD plunged below short-term support zone in the 1.0750 area and is looking towards yesterday's lows.

Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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