It is business as usual in Germany: the manufacturing sector is down, but better than expected: 53.7 points against 53.5 expected and 54.5 seen in June. The services sector looks even better: a rise from 53.7 to 54.6 points, much better than a slide to 53.2 predicted.
EUR/USD remains quite indifferent, similar to its behavior seen beforehand. The pair trades at 1.1020.
Earlier, French figures also beat expectations: manufacturing PMI came out at 48.6, slightly better than last time and above expectations. However, this is still under 50 points, meaning contraction. The services sector returned to expansion according to Markit: 50.3 points.
Yesterday, Mario Draghi managed to shake up the euro, but in a very limited manner. The pair rose some 50 pips and then returned back to the previous levels. The door remains open to more stimulus, but there is no rush whatsoever.
More: ECB to ease in September – 2 thoughts – will EUR/USD fall?
Here is how it looks on the chart: a big fall on Brexit and since then basically nothing.
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