The January Flash PMI indices for France and Germany were released today at 9:15 AM CEST and 9:30 AM CEST respectively. The release in France was mixed: the manufacturing index showed strong momentum and returned above the 50 range, while the services index missed expectations and moved further into contraction territory. The German Post showed similarly mixed results. However, in this case, the manufacturing data fell short of expectations, while the services indicator topped out and fell above the 50-point range.
- Build: 50.8 vs. 49.7 expected (49.2 before)
- Services: 49.2 vs 49.9 expected (49.5 earlier)
- Build: 47.0 vs 47.8 Expected: (47.1 before)
- Services: 50.4 vs 49.6 expected (49.2 earlier)
EURUSD went down in a smooth move after the French release, but this decline was quickly erased due to the rise in European indices. However, the bullish move in EURUSD was completely erased after the German data release. DE30 erased most of the gains but continued to trade slightly above pre-announcement levels.
EURUSD suffered a setback after the release of German PMI data and is looking towards the 1.0860 support area. Source: xStation5
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