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German PMI data not so hot- EUR/USD holds above 1.14
The French PMI data on services and manufacturing was not exactly impressive, but pretty much in line with forecasts overall. Well, the equivalent German data has just been released and it was not so hot. In fact it was quite poor. The flash service sector reading fell below 50, dropping from 50.9 to 48.8. The manufacturing reading was below the previous reading (48.3) but above forecasts, at 48. So, whilst services have fallen into contraction, the manufacturing index is not too bad. The EUR/USD has not reacted much as a result. The Euro was edging back above 1.14 leading into this data and it is still above that level after it. The thing is; the Euro probably has bigger fish to fry at the moment and this data is less important under the current circumstances. The EUR/USD is right now at 1.1404
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