European services PMIs for January revised slightly higher

9:13 AM February 3, 2023

Final services PMIs for January from major euro area members were released today. Overall, readings were revised slightly higher. French reading was revised from 49.2 to 49.4, German reading from 50.4 to 50.7 while euro area reading from 50.7 to 50.8. Services PMIs from Spain and Italy beat expectations, coming in at 52.7 (exp. 52.3) and 51.2 (exp. 50.9), respectively. A point to note is that, spare for France, all major European economies saw their services sectors expand in the first month of 2023. EURUSD moved higher as readings were released and some gains could also be spotted on DE30. However, just as scale of the revisions, scale of moves on the markets was small. 

EURUSD moved slightly higher following revisions of services PMIs for January from Europe. The pair is attempting to break back above 1.09 mark after yesterday's sell-off. Source: xStation5

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