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EUR/USD lifts after French PMI Services data beats forecasts but Germany awaits

The April French PMI data has just been released and it has delivered a positive outcome in terms of the services reading but a lower reading in manufacturing. Services rose to 50.5, from 48.3. The markets were expecting a reading of 49. Conversely, the manufacturing sector was not so hot and the PMI reading there actually fell back. That was at 44.9 compared to a prior reading of 46.2 and the markets had expected a reading of around 47. So, whilst the services sector is now expanding, the manufacturing sector is still contracting. That is quite some divergence too. Nevertheless, the EUR/USD has accentuated the positive and bounced after this data. The German data is due very shortly and it remains to be seen, if that will add to the modest rebound, or send it back down again. There is no doubt the German data is more important for the Euro and also one where the manufacturing component is also more important too. The EUR/USD is currently trading at 1.0659
 

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