EUR gains after services PMI data

Services PMI indices for December from the European countries were released this morning. As most of the reports were revisions to flash readings released in December 2023, reports were not expected to show surprises and produce any major market moves. However, actual data turned out to be a positive surprise.

Spanish reading came in above market expectations, while indices from France and Germany were revised significantly higher compared to flash values. EUR caught a bid following the releases, with EURUSD climbing above the 1.0950 mark. Nevertheless, services PMI in major European economies remain below 50.0 pts threshold, indicating that the sector continues to contract.

Services PMI indices for December

Spain: 51.5 vs 51.1 expected (51.0 previously)
Italy: 49.8 vs 49.8 expected (49.5 previously)
France (final): 45.7 vs 44.3 in first release (45.4 previously)
Germany (final): 47.6 vs 48.4 in first release (49.6 previously)
Euro area (final): 48.8 vs 48.1 in first release (48.7 previously)

EURUSD broke baove the 50-hour moving average (green line) and 1.0950 mark following upward revisions to French and German services PMIs. The near-term resistance to watch can be found in the 1.0965 area, where the latest local high can be found. Source: xStation5

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