Summary:
- Preliminary PMI readings from EMU economies showed a sharp decline
- The weakness is visible not only in manufacturing, but also in service sector
- EURUSD is immediately down below 1.10 and DAX is testing 12300 points
There is a huge disappointment after initial readings of PMI from France and Germany. The market expected a little improvement, but reality turned out to be completely different. Manufacturing PMI from France is close to 50 points and PMI from Germany is approaching 40 points which indicates huge economy slowdown. The market reaction is clear – EURUSD is down below 1.10 and DAX is close to 12300.
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A huge disappointment after release data from EMU economies. Source: Bloomberg
DAX is trying o break out from consolidation. The nearest support is at 12200 points. Source: xStation5
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