EURUSD holds below 1.09 after European PMI revisions

Economic calendar for the European morning was dominated by releases of manufacturing PMI indices for June. However, it should be said that the majority of those was a revision and therefore was not expected to trigger any larger moves on the markets. Data can be described as mixed at best. Spanish data showed a small beat while Italian reading disappointed. French data was revised slightly higher while German reading was revised slightly lower. Reading for the whole euro area was more or less in-line with preliminary reading. A key takeaway is that manufacturing sector in all the biggest EMU economies remains in contraction territory.

European manufacturing PMIs for June

• Spain: 48.0 vs 47.7 expected (48.4 previously)
• Italy: 43.8 vs 45.4 expected (45.9 previously)
• France: 46.0 vs 45.5 in first release (45.7 previously)
• Germany: 40.6 vs 41.0 in first release (43.2 previously)
• Euro area: 43.4 vs 43.6 in first release (44.8 previously)

Markets did not see much of a reaction to PMI revisions. EURUSD holds below 1.09 mark while German DE30 trades slightly above 16,300 pts mark.

EURUSD at H1 interval. Source: xStation5