Eurozone services PMI slightly below expectations but higher in Germany

• Services PMI from eurozone came in 53.2 vs 53.3 exp. and 53.3 previously
• Services PMI from Germany came in 54.2 vs 53.9 exp. and 53.9 previously
• Services PMI from Spain came in 56.9 vs 56,5 exp. and 56.2 previously
• Services PMI from Italy came in 54.2 vs 54.5 and 54.3 previously
• Services PMI from France came in 49.3 vs 49.4 and 49.4 previously

PMI Composite data

• Final composite PMI from eurozone came in 52.2 vs 52.3 and 52.3 previously
• Final composite PMI from Germany came in 52.4 vs 52.2 exp. and 52.2 previously
• Final composite PMI from France came in 48,9 vs 49,1 previously
• Final composite PMI from Italy came in 52.3 vs 53.2 exp. and 52.6 previously

PMI data came in weaker from Italy and France, but a little bit stronger from Germany which is leading, eurozone economy. In general, services PMI came mixed but signal that eurozone inflationary pressure in services may persist because it's hard to talk about a slowdown in services. EURUSD loses after the reading as market await US ISM data scheduled at (3 BST PM) and ADP report at 1 PM BST. According to Allianz analysts, the Fed may want to front-load rate cuts before Trump's return.

We can see that from the beginning of June, there is still more buying volume on EURUSD but the pair was not able to stay above 1,09. Source: xStation5