- Services PMI numbers from France, Italy, Spain and Germany are all mixed this morning.
- EU Services PMI (Oct) 52.2 vs expectations of 51.8
Earlier in the session, we had the numbers from Spain first which came in marginally below expectations of 52.8 to print at 52.7. Then came the Italians who beat their consensus estimate of 51.0 to deliver a reading of 52.2. The French number came in line at 52.6 and lastly, the German figure also beat expectations of 51.2 to reach 51.6.
Breaking down the German reading, Inflows of new work fell for second straight month and Job creation at a 17-month low. IHS Markit said service sector growth remains subdued amid ongoing weakness in demand. It seems Germany’s service sector saw only modest growth in business activity in October.
The EUR is higher this morning against almost all of its major counterparts but this could be a retracement against some of the losses it saw yesterday after the US ISM non-manufacturing PMI data which caused a surge into the greenback.
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