The algos were at work when it comes to the reaction to the PMI data in the past half hour. The French numbers saw a strong beat on the services print as seen here. However, it owes to a major caveat of it being a boost in demand from the Paris Olympics. The details were less rosy, with employment conditions falling and output expectations also weakening further.Then, we got a set of poor readings from Germany as seen here. That puts the business activity further in contraction territory as things are starting to unravel in Q3, following the more resilient showing in the first half of 2024.EUR/USD caught a spike from the French data initially from 1.1153 to 1.1165 but quickly gave that back.
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