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 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.