Summary:
- German preliminary PMIs came in below the consensus
- French PMIs proved to be better than expected
- EURUSD declines following the release from Germany
Preliminary PMIs for May from Germany surprised (once again) to the downside in spite of the fact that the bar was placed quite low. Manufacturing PMI dipped to 44.3 from 44.4 and missed the median estimate of 44.8, whereas services PMI fell to 55 from 55.7 and also missed the consensus of 55.4. On the other hand, the better data came from France where we saw modest improvements in both sectors. The EURUSD has fallen immediately after the German data and is trading close to the important support at around 1.1135.
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The EURUSD is trading close to its local lows following a disappointment from German PMIs. Source: xStation5
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