German manufacturing PMI remains super-strong at 58.2 points, slightly above expectations. However, the services sector sees a decline from 55.6 to 54.7 points, below expectations.
EUR/USD is stable after the publication and up on the day. The focus remains on the all-important elections in France.
Markit’s flash purchasing managers’ index for April was expected to show a small slide. The manufacturing sector carried expectations for 58 points after 58.3 in March. The services sector was projected to slide from 55.6 to 55.5 points.
EUR/USD was moving up ahead of the publication, rising to 1.0737. We had seen a double-top on the charts just around 1.0780.
Earlier, French PMIs beat expectations, especially in the manufacturing sector: 55.1 points against 53.2 expected and 53.3 in March. The French services sector advanced from 57.5 to 57.7 points against expectations for a drop to 57.2 points.
The flash PMIs for the whole eurozone are expected to show steady numbers just around 56 points.
All eyes are on the French elections. The tragic shooting in Paris, coming three days before the elections, will certainly impact voters.
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