EURUSD,H1
German, French Composite PMIs stronger than expected. Preliminary PMI readings for June out of Germany and France showed ongoing weakness in the manufacturing sector, but surprising strength in services, which left composite readings much higher than expected. The French composite jumped to 55.6 from 54.2; the German composite improved to 54.2 from 53.4. So a better than expected end to a quarter, which was overall disappointing though, with the composite PMI up from May, but sharply lower than readings at the start of the year. Still, for now, the numbers were enough to put further pressure on Bunds and send yields higher. EURUSD also responded with a jump to 1.1672, 20-day moving average and north of R1 at 1.1655. Short-term support is evident at 1.1630 (200 period moving average), 1.1614 (20 period moving average) and 1.1580 (Daily pivot).
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Stuart Cowell
Senior Market Analyst
HotForex
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