- The euro area services PMI came in at 53.2 compared to the previous reading of 53.3 and the expected 53.3.
- Germany's services PMI came in at 54.2 compared with a forecast of 53.9 and a previous reading of 53.9.
- Spain's services PMI came in at 56.9, compared with an expected 56.5 and 56.2 in the previous month.
- Italy's services PMI rose to 54.2 from 54.5 and 54.3 in the previous month.
- France's services PMI came in at 49.3, up from 49.4 in the previous month.
PMI Comprehensive Data
- The euro zone's final composite PMI came in at 52.2, down from the previous reading of 52.3.
- Germany's final composite PMI reading was 52.4, above the forecast of 52.2 and the previous reading of 52.2.
- France's final composite PMI reading was 48.9, up from the previous 49.1.
- Italy's final composite PMI reading was 52.3, above the forecast of 53.2 and the previous reading of 52.6.
Italian and French PMI data were weak, while German PMI data, which leads the eurozone economy, was slightly stronger. Services PMI was mixed overall, but it's hard to talk about a slowdown in the services sector, suggesting inflationary pressures in eurozone services may continue. EURUSD fell on the data as the market awaits the US ISM data (3pm BST) and the ADP report (1pm BST). The Fed may want to frontload a rate cut before Trump's return, according to Allianz analysts.
Since the beginning of June, we can see that EURUSD buying volume remains strong, but the pair has not been able to rise above 1.09. Source: xStation5
