It’s a difference between expectations and the prior numbers that we need to look at for the overall picture and barring Italy they don’t make that bad reading.
- Spain 56.2 vs 54.8 in June
- Italy 52.8 vs 53.9 prior
- France 50.4 vs 48.2 (kicks them into expansion)
- Germany 56.7 vs 54.6 prior
- Eurozone final 54.2 vs 52.8 prior. Comp 53.8 vs 52.8 Prior
Not a bad set of numbers all told (Italy aside) and the euro is off 15 pips which is slightly strange.
EUR/USD has found buyers ahead of 1.3400 and I see no reason why that should go just on this data. The 200 wma at 1.3417 is still the pivot level at the moment.
EUR/USD weekly chart 05 08 2014
The dollar is picking up a bit more broadly right now so that will be keeping the pressure on the euro and pound.
