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Slightly better Eurozone PMI revisions fail excite the Euro or the DAX

The batch of European manufacturing PMI revisions have now been released and on balance they have been modestly positive. Italy was revised to 48.7 from 48.5. France was revised to 47.1 from 46.8 and German was revised to 42.5 from 42.3. The reaction across the markets has been rather underwhelming and certainly delivered no further traction for the EUR/USD. In fact that is now lower, but not by that much yet. The European stock markets are well off the boil now too. Earlier the DAX reached a new record at 17,816. It has now fallen back underneath 17,750. Perhaps it was always going to do that anyway, given the its 14r day RSI is not approaching 80, which is close to overbought territory 
 

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