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EUR/USD drops below 1.07 as French PMI data really disappoints

The French June PMI data covering manufacturing, services and the composite count have just been released. As noted here earlier this morning, the markets were looking for a modest improvement across all these readings. Well, that is not what has just shown up. All three missed in the downside and by quite some margin too and all below 50. The EUR/USD has reacted immediately upon seeing all this and slid below 1.0700. The low so far was just set at 1.0690. Perhaps it might want to see the German number shortly before making a bigger move, but in any event this data was not good. The EUR/USD is right now at 1.0695

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