Better than expected numbers from Germany: manufacturing PMI rises to 51.9 points and services to 54.2 points. The number reflect stronger growth in the continent’s largest economy.
EUR/USD is reacting positively and ticks up within the lower range.
Markit’s purchasing managers’ index for the German manufacturing sector was expected to advance from 51.1 to 51.5 points in the preliminary read for June. The services PMI carried expectations for 52.9 after 53 beforehand.
EUR/USD traded around 1.1265 towards the release.
Earlier, French PMIs beat expectations: the manufacturing PMI finally topped 50 points and hit 50.5 points, beating expectations for 50.1. The services sector saw a score of 54.1 points, far better than 52.5 that had been expected and 52.8 seen beforehand.
We will later get the flash PMIs for the
The focus is still on Greece: a breakthrough was reached in yesterday’s intensive talks and now the goal is to reach a full agreement by Wednesday.
Despite optimism from Greece, EUR/USD has been trading lower due to USD buying in the Asian session – a move that affected other currency pairs as well and is not related to the euro.
In our latest podcast we digest the dollar dove dive, update on Greece and preview next week’s events.
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