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Mixed PMIs across Europe and UK

European services PMI data has been mixed but the overall figure for the Eurozone was less than expectations, even the composite figure was lower at 53.8 (expected 54.0).  An increase in last month, but being lower than expectations has given those unrelenting euro bears an excuse to sell the single currency pushing EURUSD down to the 1.3400 level this morning.  For the UK by contrast its PMI data bucked the recent trend with the services element coming in higher at 59.1 (expected 57.9) and the composite 58.8 (expected 58.0).  Last month’s figure was also revised upwards so we’ve seen GBPUSD rally on the back of this taking it to 1.6885 and EURGBP has dipped to 0.7935.

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