Germany June flash manufacturing PMI 64.9 vs 63.0 expected
Markit/BME - 23 June
- Prior 63
- Services PMI 58.1 vs 55.7 expected
- Prior 52.8
- Composite PMI 60.4 vs 57.6 expected
- Prior 56.2
The last report showed a little cooling off in the manufacturing sector of the eurozone's powerhouse, but services printed at a 10 month high. This report shows some strong momentum for Q3 and good signs in both services and manufacturing sectors. EURUSD finding some strength now. IHS note, 'Overall inflows of new business showed the steepest rise since January 2011. Although manufacturing continued to lead the way on the order book front, helped by a sustained strong upturn in goods export sales, the improvement in growth in June was mainly driven by the service sector, which recorded its sharpest increase in new work for over a decade amid a return to growth of new export business'.
The question from here for the EURUSD is will Christine Lagarde and the ECB take a different view from the Fed. She sounded pretty dovish yesterday, so EURUSD upside likely to be limited.