French manufacturing PMI stands at 46.5 and services at 51.1 points. Basically we have one upside surprise and one downside surprise. The composite figure stands at exactly 50.
EUR/USD only marginally moves to the downside. German PMI data is awaited.
Update: German PMIs beat expectations – EUR/USD advances
Markit was expected to report that French manufacturing PMI ticked up from 47.8 to 47.9 points in August (preliminary reading). The services sector was expected to edge down from 50.4 to 50.3 points. The 50 point mark separates contraction from growth.
EUR/USD was recovering from the lows, rising to 1.3260 just before the publication.
We have a busy day today with more PMIs from Germany and then for the whole euro-zone. And later on, we have important figures from the US.
See how to trade the US jobless claims with EUR/USD.
The pair continues trading below downtrend support for a second day in a row.
The pair dropped sharply yesterday on a dollar rally that intensified with the release of the not-too-dovish FOMC meeting minutes.
