EURUSD, H4
A weak set of PMI’s from Germany and France was followed by misses fro the EUR wide PMI’s. Flash Manufacturing PMI came in at 55.5 a miss of 0.6 from expectations of 56.1 and 0.7 from last time. Flash Services PMI was also a miss moving down more significantly from 54.7 last time to 53.9, expectations were for a no change to the 54.7 reading. These key readings confirm the veiw of a slowing in Q1 moving into Q2 too. The European equity markets and the EUR continued to sell off on the news. They were led by Eurozone peripherals amid a general bout of risk aversion and after German and French PMI readings that show now sign of the expected recovery in sentiment. The DAX is down -1.115, the MIB down -1.25%. The FTSE 100 manages to outperform slightly, but is also down -0.56% on the day with the Euro Stoxx 50 down -0.98%. EURGBP spiked down to 0.8738, EURJPY slid further to 128.46 and EURUSD spiked below 1.1700.
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