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DAX slips but EUR/USD jumps as German PMI rises

That German flash PMI data has now been released and its has pretty much replicated what we saw from France a short while ago. The Services sector PMI rose to 53.3 from 50.1. The markets had expected a reading of 50.5. However, the Manufacturing data has disappointed and fallen below the forecast readings. It still rose modestly though, to 42.2, from 41.9, but below the 42.7 reading the markets had expected. That was still a very modest gain though and it has boosted the EUR/USD towards the 1.07 handle and once again closing in on that previously noted next correction level, at 1.0709. The DAX is less impressed though and that has fallen back below 18k. Earlier this morning the DAX rebounded to a high at 18,038. It is now trading below 17,975 and it seems the push higher in the EUR/USD is not helping it much either 
 

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