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EUR/USD slides as French PMI data falls more than expected

Ahead of the German PMI data release the same PMI data has just now been released from France and it was not good, not good at all. The preliminary reading of Manufacturing data fell well below forecasts, to 43.6. The markets had expected a reading of 46.1. The service sector was no better either, falling to 43.9, where 46 was expected. The EUR/USD has fallen immediately on this news. The Euro was trying to push back to 1.0673 once more before this data broke. The price has now slumped to 1.0616 on this release. This once again fully endorses what I have been telling you since this time yesterday morning. That is the markets selling into rallies is vogue and all it needed was endorsement from some really crummy French data to perpetuate it. The German data will need to be a lot better than this French stuff, or the EUR/USD could easily be staring at a drop below 1.06 from here on. The German data will be released very shortly, at 7.30am GMT. The EUR/USD is just now at 1.0619

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