Eurozone May flash services PMI 53.3 vs 53.5 expected ...Middle East

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Eurozone May flash services PMI 53.3 vs 53.5 expected
Prior 53.3Manufacturing PMI 47.4 vs 46.2 expectedPrior 45.7Composite PMI 52.3 vs 52.0 expectedPrior 51.7The better German report earlier helped to offset the slight initial concerns from the French report. At the balance, it still affords the ECB some added room to work with after a June rate cut. EUR/USD is holding little changed at 1.0828 after a brief brush against its 100-day moving average of 1.0814 earlier. HCOB notes that:“This looks as good as it could be. The PMI composite for May indicates growth for three months straight and that the eurozone’s economy is gathering further strength. Encouragingly, new orders are growing at a healthy rate while the companies’ confidence is reflecte

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