Latest data released by Markit - 24 October 2019

  • Prior 41.7
  • Services PMI 51.2 vs 52.0 expected (3-year low)
  • Prior 51.4
  • Composite PMI 48.6 vs 48.8 expected
  • Prior 48.5

This takes a bit of the shine off the French report earlier as the German economy is still seen stagnating for the most part. Of note, the services print continues to experience a drop and could be a symptom of spillover effects from the manufacturing recession.

EUR/USD is holding near 1.1148 currently after hitting a high of 1.1163 earlier. While the French economy appears to be holding up, Germany looks like they can't dig themselves out of a hole as they look to fall into a technical recession.