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French PMI data badly misses on forecasts- EUR/USD falls immediately
The EUR/USD was already edging lower from above 1.1150 ahead of the release of the latest French PMI data. That has just been released and it was really poor. The service sector PMI data has revealed the largest fall this year, dropping back to 48.3, from an expected reading of 53.1. That has also pushed the composite reading into negative territory below the 50 handle, an 47.4. The EUR/USD has reacted immediately to this data and fallen to session low at 1.1115 a moment ago. The CAC 40 has taken a further hit too after this really poor data. Maybe the German numbers, due out at 7.30am GMT might ride to the rescue, but then again it might not. The EUR/USD is currently trading at 1.1116
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