German PMIs continue to ease
For the month of July composite flash PMI slipped to 47.3 from the previous 48.1 (revised from 48.5).
Zooming on the manufacturing sector we see that it slips to 43.3 from the previous 45.0 while the services sector remained just below the 50 level at 49.7 and still lower than the previous 49.9. Both actual readings for the manufacturing and the services sector disappointed expectations.
The euro remains weak and the EUR/USD has traded in the range of 1.2091 to 1.2138 so far today.
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