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EUR/USD still landlocked and seemingly unimpressed by upward PMI revisions
A whole raft of European PMI data revisions have recently been released this morning. First off, the Italian and French numbers were revised higher in both services and composite. The German data has just been released and that too has been revised higher too. However, none of it has yet lifted into expansionary territory. That might explain the rather inert reaction in the EUR/USD so far, despite these revisions being mildly encouraging. The EUR/USD rose just above 1.0865 yesterday afternoon. It later closed in the US at 1.0856. The range seen so far today has been covered by 1.0842 to 1.0858. That it tight, even by recent standards and so far the EUR/USD has not reacted to any of these PMI revisions. It is currently trading at 1.0847
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