EURUSD: Germany and France PMI’s Disappoint
The Germany Markit Manufacturing PMI disappointed for one more time as it came in at 45 below market consensus of 45.4 for June. The France Markit Manufacturing PMI also came below analysts’ expectation of 52 for the month of June at 51.9. The Italian Markit Manufacturing PMI came in at 48.4, below economists’ expectations of 48.8 in June, the Unemployment rate came in 9.9% while expectations was for 10.3% in May. The EU Markit Manufacturing PMI came in at 47.6, worst than expectations of 47.8 for June. The EU M3 Money Supply (Year over Year) came in at 4.8%, above expectations of 4.6% for May.
EURUSD didn’t react to the news as it started the week lower and trading at the daily low around 1.1320. I am still positive for the pair as long as it trades above 1.1260 the 100 day moving average.Don’t miss a beat! Follow us on Twitter.