Economic calendar for the European morning was dominated by releases of manufacturing PMI indices for June. However, it should be said that the majority of those was a revision and therefore was not expected to trigger any larger moves on the markets. Data can be described as mixed at best. Spanish data showed a small beat while Italian reading disappointed. French data was revised slightly higher while German reading was revised slightly lower. Reading for the whole euro area was more or less in-line with preliminary reading. A key takeaway is that manufacturing sector in all the biggest EMU economies remains in contraction territory.
European manufacturing PMIs for June
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Open account Try demo Download mobile app Download mobile app- Spain: 48.0 vs 47.7 expected (48.4 previously)
- Italy: 43.8 vs 45.4 expected (45.9 previously)
- France: 46.0 vs 45.5 in first release (45.7 previously)
- Germany: 40.6 vs 41.0 in first release (43.2 previously)
- Euro area: 43.4 vs 43.6 in first release (44.8 previously)
Markets did not see much of a reaction to PMI revisions. EURUSD holds below 1.09 mark while German DE30 trades slightly above 16,300 pts mark.
EURUSD at H1 interval. Source: xStation5
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