French Manufacturing PMI fell below 50 level

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Friday, Jul 24 2015

The French private sector economy started the third quarter on a softer note, as growth momentum slowed in July from the near-four year high seen in June. Flash France Manufacturing PMI declined to 49.6 from 50.7 in June, missing expectations on an increase to 51.1. Flash France Services Activity Index fell to 52.0 from 54.1 in June. Analysts were anticipating smaller decrease to 53.8.

Weaker inflows of new business were reported, while employment slipped back into contraction for the first time in five months. Overall, the data point to an economy still struggling to generate a head of steam, further fuelling the suspicion that GDP growth is unlikely to be sustained at the 0.6% pace reported in the first quarter of the year.

After the data euro fell is currently being traded slightly below 1.0980 level. Pair is likely to find support around 1.0920 and resistance above 1.1020 area. Later today, German and Eurozone Manufacturing and Services PMI figures are scheduled for a release.

More in this category: « China Manufacturing PMI at a 15-month low Modest output growth in Germany maintained in July »

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