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French PMI data badly misses on Services- EUR/USD falls
That French PMI data noted in the previous update has just been released and it has disappointed the markets and the Euro. The services sector fall to 44.5 from 48.2. It was forecast to rise to 48.9. The EUR/USD has fallen back abruptly on this news, as indeed it should. The German numbers might yet come to the rescue shortly, but there is no denying the bad data we have just seen from France might have thrown a spanner in the works for the EUR/USD for the time being. It is now trading at 1.0472
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