24 Jul 2014
EZ PMI's offer upsdie surpriese - BBH
FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted that Euro zone flash July PMIs came in better than expected, helping the euro to regain some ground after earlier making a new cycle low.
Key Quotes
"The euro zone July flash composite rose to 54.0 vs. 52.8 consensus and the 52.8 June reading, driven largely by jump in services to 54.4 from 52.8 in June."
"Looking at the country breakdown, France composite reading rose to 49.4 from 48.1 in June and 48.3 expected, with services providing the boost as the French manufacturing component fell to 47.6 from 48.2 in June. Germany July flash composite PMI rose to 55.9 from 54.0 June and 53.8 was expected. Here too, the services component was the main driver, rising to 56.6 from 54.6 in June."
Key Quotes
"The euro zone July flash composite rose to 54.0 vs. 52.8 consensus and the 52.8 June reading, driven largely by jump in services to 54.4 from 52.8 in June."
"Looking at the country breakdown, France composite reading rose to 49.4 from 48.1 in June and 48.3 expected, with services providing the boost as the French manufacturing component fell to 47.6 from 48.2 in June. Germany July flash composite PMI rose to 55.9 from 54.0 June and 53.8 was expected. Here too, the services component was the main driver, rising to 56.6 from 54.6 in June."