France’s Manufacturing PMI rose from 42.7 to 43.5 points. A rise to 43.9 was expected, a bit below expectations. The services sector rose from 45 to 46.2 points. An advance to 45.6 was predicted – a bit above predictions.
EUR/USD traded in a limited range, between 1.2960 to 1.30 prior to the publication. The results, which are generally within expectations, don’t shake the common currency.
France is Europe’s second largest economy. The figures for Germany are released at 7:30 GMT, and the all-European data is set to be published at 8:00 by Markit.
Euro/dollar dropped from higher levels seen before the failed EU Summit. It gradually lost the 1.31, 1.3060 and 1.30 lines, which now work as resistance. Support is at 1.2960 followed by 1.29.
For more lines, see the eur usd forecast.