The Eurozone Composite PMI hits a 252-month high in July. It wasn't good enough for the EUR, however, which sits back in the red.
Following on from Thursday’s ECB Press Conference, prelim private sector PMIs for July were in focus this morning.
The French manufacturing PMI fell from 59.0 to 58.1, with the services PMI falling from 57.8 to 57.0.
Economists had forecast PMIs of 57.9 and 58.7 respectively.
From Germany, the manufacturing PMI rose from 65.1 to 65.6, with the services PMI rising from 57.5 to 62.2.
Economists had forecast PMIs of 63.7 and 59.1 respectively.
For the Eurozone, the manufacturing PMI fell from 63.4 to 62.6, while the services PMI rose from 58.3 to a 181-month high 60.4.
Economists had forecast PMIs of 62.5 and 59.6 respectively.
According to the prelim Markit Survey,
Ahead of today’s inflation figures, the EUR had fallen to a pre-stat low $1.17575 before rising to a pre-stat high $1.17806.
In response to today’s stats, the EUR rose to a post-stat high and current day high $1.17866 before sliding to a post-stat and current day low $1.17545.
At the time of writing, the EUR was down by 0.05% to $1.17651.
Prelim private sector PMIs from the U.S. The services PMI will be the key number late in the European session.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.