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Currency Analyst since 2010

Euro zone PMIs came out mixed

FXBAZOOKA.com - EUR/USD managed to recover to $1.3278 on better-than-expected German PMI data (52.0 vs. 51.7 in manufacturing and 56.4 vs. 55.5 in services). Note though, that although German readings exceeded expectations, they still retreated from July levels both in manufacturing and service sector. French services figures were also stronger (51.1 vs. 50.3), though France’s manufacturing PMI declined from 47.8 to 46.5.

However, the readings for the entire euro area were weaker than forecasts. The region’s flash manufacturing PMI slid from 51.8 to 50.8. The EMU PMI Composite came at 52.8 vs. 53.4 expected confirming the slowing of the euro zone economy.

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