French and German PMIs were key macro releases scheduled for the European morning. French reading at 8:15 am BST turned out to be a disappointment with both indices missing expectations and dropping compared to previous month. Situation was different in Germany, where both indices showed solid beats and month-over-month increases.
France
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Manufacturing: 58.1 vs 58.3 expected
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Services: 57.0 vs 59.0 expected
Germany
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Manufacturing: 65.6 vs 64.2 expected
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Services: 62.2 vs 59.5 expected
EURUSD moved lower following the release of disappointing French data. However, the euro began to regain ground after the release of German data at 8:30 am BST. The pair has erased most of the previous drop already. DE30 and other European equities were little changed following release of French data but caught a bid after German print.
EURUSD dropped following French PMIs. However, the pair recovered after solid German print. Source: xStation5
