Currency Analyst since 2010

July 3: European session


EUR/USD is making small swings around $1.3650. Spanish and Italian Services PMIs were above the key level of 50 that indicates industry expansion. However, euro zone’s retail sales stagnated in May after sliding by 0.2% in April.

Great Britain released weak Services PMI figure on Thursday. The index came at 57.7 in June versus expected 58.1 and 58.6 in May. The index is important for the markets as services make up around 75% of the UK economy. However, the headline figure masks some good news: for example, new business rose to the highest level in 6 months. GBP/USD dipped to $1.7130, but found support and recovered some pips. EUR/GBP peaked at $0.7970 on the release.

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