French PMI data:

Estimated PMI Manufacturing – for June:

• Value: 47.8
• Forecast: 50
• Previously: 49.5

Estimated PMI Services – for June:

• Value: 48.7
• Forecast: 49.2
• Previously: 47.4

Estimated PMI Combined – for June:

• Value: 48.5
• Forecast: 49.3
• Previously: 48

Comment: The preliminary PMI reading indicates lower values ​​of indicators in each segment. In particular, the manufacturing PMI is disappointing, for which forecasts assumed a return to the level of 50 points and a further trend of strengthening of the indicator. Instead, we see a drop to 47.8 points.

German PMI data:

Preliminary Services PMI – for June:

• Value: 49.4
• Forecast: 47.5
• Previous: 47.2

Preliminary Manufacturing PMI – for June:

• Value: 49
• Forecast: 49
• Previous: 48.8

Preliminary Combined PMI – for June:

• Value: 50.4
• Forecast: 49.8
• Previous: 49.4

Comment: Data from Germany (unlike the French PMI) turned out to be slightly above expectations. Services surprised positively, rising to 49.4 (an improvement of 2.2 points vs. an expected improvement of 0.3 points). The Industrial PMI reading turned out to be in line with earlier estimates, which, however, from the perspective of the French data, can be considered a positive surprise.

The EURUSD pair has halted the bullish momentum that was triggered right after the downside gap triggered by the Middle East conflict. On the long-term time frame, the pair remains in an uptrend.

Source: xStation

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