BREAKING: Final PMI data for the Eurozone revised down, EURUSD at critical support!

Eurozone, Services PMI for July: 50.9 compared to the first reading of 51.1
Germany, Services PMI for July: 52.3 compared to the first reading of 52.0
Spain, Services PMI for July: 52.8 compared to the first reading of 53.4
France, Services PMI for July: 46.6 compared to the first reading of 46.6
Italy, Services PMI for July: 51.5 compared to the first reading of 52.2

PMI data came out slightly worse than expected for the Eurozone, Spain, France, and Italy, but these values still remain in the expansion zone except for France (above 50 points). The only country where the Services PMI was above expectations is Germany. The reading of 52.3 was slightly higher than the forecasted 52.0.

The Eurozone is in a difficult situation. The divergence between the Services PMI readings and the Manufacturing PMI remains significant. For example, the latest German Manufacturing PMI reading was 38.8. These data suggest that the ECB will have a difficult task in maintaining restrictive monetary policy while simultaneously avoiding a deeper slowdown. A more dovish stance from President Lagarde was already hinted at during the last conference.

The PMI report for the Eurozone indicated that the prices of goods and services in the sector have significantly declined, and the current rate of change is the lowest since February 2021, which may encourage the ECB to make more dovish decisions regarding interest rates.

The EURUSD pair is not reacting to today's revision of PMI data for the Eurozone and individual European countries, but the quotes are currently testing important support determined by the 100-day exponential moving average (purple curve). Source: xStation 5.

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