European manufacturing remains in contraction- EUR/USD waiting on Germany in a minute

A little earlier this morning both the Spanish and Italian readings on flash March PMI manufacturing have been revised lower. The French and German revisions will follow imminently and if they follow suit it will underpin the fact that manufacturing across Europe remains in contractionary territory (anything below 50). The EUR/USD may ignore all this, but in truth it should not, because against that backdrop we have the prospect of looming, crippling US sanctions hanging over the outlook. In fact the French data has just now been released too and that has also been revised lower, from 48.9 to 48.5. The EUR/USD just now dipped below 1.0800 again on all this news as the German data looms at 8.55am GMT- Germany to the rescue? We shall shortly find out