BREAKING: German services PMI falls stronger than expected; France above estimates 🇩🇪 🇫🇷

08:50 AM BST, France - PMI Data for August:

HCOB France Services PMI: actual 49.8; forecast 49.7; previous 48.5;
HCOB France Composite PMI: actual 49.8; forecast 49.8; previous 48.6;

08:55 AM BST, Germany - PMI Data for August:

HCOB Germany Services PMI: actual 49.3, forecast 50.1; previous 50.6;
HCOB Germany Composite PMI: actual 50.5, forecast 50.9; previous 50.6;

French services PMI rose to its highest in 15 months, driven by softer declines in new orders, rising backlogs, and the strongest employment growth in more than a year. Foreign demand weakened sharply, while cost pressures intensified, limiting output price increases.

On the other hand, Germany’s services sector slipped back into contraction in August, with activity weighed down by fragile demand, falling foreign orders, and stalled hiring. Backlogs declined faster, while wage-driven cost pressures resurfaced. Despite subdued growth, firms maintained pricing power and stable optimism, reflecting resilience but also lingering uncertainty and structural labor constraints.

EURUSD recovred above key support around 1.1627 from an earlier dip, currently approaching yesterday's close.

Source: xStation5

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