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Markit’s purchasing managers’ indices improved in the euro-zone, but all the forward looking figures remain under the critical 50 point mark – contraction.

With calm on the Greek front (for now), EUR/USD remains stable in the higher range: at 1.2864, capped by resistance at 1.2880.

The all-European Services PMI rose from 45.4 to 46.2 points, exceeding expectations of 45.6. Services PMI actually dropped from 46 to 45.7 points, below expectations of ticking up to 46.1 points.

In France, Markit reported another month of improvement, but the figures are still deep in contraction territory: manufacturing PMI rose from 43.7 to 44.7, beating expectations of a rise to 44.1 points. Services PMI also came out better than expected, with a score of 46.1 instead of 45.3 expected, and 44.6 in the previous month.

In Germany, manufacturing recovered, rising from 46 to 46.8, beating expectations of a slide to 45.9. However, the services sector, which flirted with 50 points, continues to slide: 48 points, lower than 48.5 that was expected and 48.4 last month.

Further reading: Euro to USD forecast.