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Sunday, August 1, 2021

Eurozone June flash services PMI 58.0 vs 58.0 expected

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  • Prior 55.2 
  • Manufacturing PMI 63.1  vs 62.3 expected
  • Prior 63.1
  • Composite PMI 59.2  vs 57.1 expected
  • Prior 57.1 

The last report was an encouraging report confirming some pickup in services activity in the euro area as economies start to get back on their feet and move on from virus restrictions. The manufacturing sector was  stalling a little but was keeping at robust levels overall. This report shows a modestly firmer print than expectations. EURUSD continues its move upwards towards 1.1950. 

Eurozone business activity grew at the fastest rate
for 15 years in June as the economy re-opened
further from virus-fighting restrictions and vaccine
progress boosted confidence. As mentioned earlier the key aspect will be the ECB’s perspective from here vs the Fed. Until we see a manifest shift then EURUSD upside shoudl be limited, especially with US PCE expected to come in circa +3.4% on Friday. 

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