Markets muted after European services PMIs

9:05 AM 5 July 2023

Services PMI indices from European countries were released this morning. Most releases were revisions to preliminary reports and therefore we did not observe any major market reaction. Reading from Spain and Italy missed expectations while readings from Germany and the euro area were released slightly lower. Overall, services sector in all major European economies apart from France is still in expansion. EURUSD moved lower following the releases but decline was driven primarily by USD strengthening rather than EUR weakening. German DE30 continues to trade in the 16,050 pts area, the same as it did before PMI releases.

European services PMIs for June

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Spain: 53.4 vs 55.6 expected (56.7 previously)
Italy: 52.2 vs 53.3 expected (54.0 previously)
France: 48.0 vs 48.0 in first release
Germany: 50.6 vs 50.8 in first release
Euro area: 52.0 vs 52.4 in first release

EURUSD pulled back after European PMI data but the move was driven mostly by USD strengthening. Source: xStation5

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