Eurozone August flash services PMI 50.1 vs 54.5 expected

  
  Analysis

Markit – August 20 2020

Markit - August 20 2020 
  • Prior 54.7
  • Manufacturing PMI 51.7 vs 52.9 expected
  • Prior 51.8
  • Composite PMI 51.6 vs 54.9 expected
  • Prior 54.9
The earlier release from Germany and France pointed to a slow down in the PMI data and the European data is below expectations across the board. EURUSD down a few ticks towards session lows. This does not bode well for Friday in terms of risk, UK PMI’s to come in 30 minutes.
This is a pivotal point for the eruozone and the slowing recovery picture will be eyed carefully by the ECB.
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