The string of reports out this morning on the flash manufacturing and services PMI from Germany, France and the broader euro zone came in largely better than forecast, with only minor exceptions. Only two reports from the series disappointed onlookers, but the majority of data proved bullish for the euro (EUR).
Traders saw a balanced outcome across the euro zone from these reports, with German services falling short and manufacturing beating expectations and with France’s reports flipped in value. The bullish PMI figures have so far helped the EUR make gains in today’s trading despite a dismal ZEW reading on Germany’s economic outlook.
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