European PMI data all better than expected

European PMI data has all come in better than expected.

Italian July manufacturing PMI has come in at 45.4, better than the median forecast of 44.3.

The final July reads for French, German and euro zone manufacturing PMI all better than flash estimates. French up at 48.1 from 47.9, German up at 45.7 from 45.2 and euro zone up at 46.3 from 46.

The data has helped lift risk sentiment further, EUR/USD rallying to 1.4235 at writing, while cable has marched on to 1.6775.