BREAKING: EUR gains after German PMI beat

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A fresh set of PMI indices from major European economies was released this morning. Data for November was expected to show a small improvement in both manufacturing and services sectors compared to October's data.

French report released at 8:15 am GMT missed expectations with manufacturing and services indices both coming slightly below estimates. EUR dropped following French data release while European indices ticked higher. On the other hand, German reading at 8:30 am GMT turned out to be a positive surprise with manufacturing index improving much more than expected and services index coming in slightly above expectations. EUR gained with EURUSD erasing previous drop and moving to a new daily higs. DE30 traded near daily highs as well.

France, PMI indices for November.

Manufacturing: 42.6 vs 43.0 expected (prev. 42.8)
Services: 45.3 vs 45.6 expected (prev. 45.2)

Germany, PMI indices for November.

Manufacturing: 42.3 vs 41.2 expected (prev. 40.8)
Services: 48.7 vs 48.5 expected (prev. 48.2)

Source: xStation5

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