PMI: European Services and Manufacturing Activity Remains Weak

The German Markit PMI Composite came in line with markets forecasts at 52.6 for June, while German Markit Services PMI came in at 55.8, beating analysts’ expectations of 55.6 for the same month. In France Markit Services PMI came in at 52.9, worst than market consensus of 53.1 for June, while the Markit PMI Composite came in at 52.7, again below analysts’ estimates of 52.9 in June. EU Markit PMI Composite came at 52.2 beating forecasts of 52.1 for June, while the Services PMI came at 53.6 also beating analyst’s forecasts above expectations of 53.4 for the same month. Earlier the Italy Services PMI came at 50.5 better than economists’ forecast of 50 in June.

EURUSD didn’t react to data as it trades in 18 pips narrow trading range around 1.278. A break below 1.1260 can be the start of a new leg lower while a break above 1.13 can attract some bids.Don’t miss a beat! Follow us on Twitter.