Mixed French PMI sees CAC 40 and EUR/USD initially rise but German data looms

The French PMI data for August has just been released and it was mixed, with a larger than forecast rise in services to 55, but manufacturing fell. The almost 5 point rise in services was put down to the Olympics and that helped the composite index rise too. However, the unemployment picture was not good. So, initially the CAC 40 jumped above 7,550 on this data, as did the Euro, but both have now pared those gains, as the reality of this data seems to sink in. The German data will follow shortly, at 7.30am and that could be a better barometer of the true picture in Europe just now. The EUR/USD has so far held the noted support at 1.1139 perfectly today. The initial reaction to the data saw it lift above 1.1165 but it is paring that gain now, as it awaits those German numbers