France S&P Global Services PMI comes in at 48.4 against 49.6 consensus
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
France’s S&P Global Services PMI for August was released at 48.4, falling below the consensus estimate of 49.6. This figure also marked a decline from the previous month’s reading of 49.6. The actual print represented a -2.4% surprise compared to the market consensus.
Following the release, the euro showed a generally subdued reaction across major pairs within the first 15 minutes. EURAUD moved -4.9 pips, EURCAD moved -6.0 pips, EURCHF moved -3.1 pips, and EURGBP moved -3.0 pips. EURJPY saw a move of -6.3 pips, while EURNZD moved -11 pips. EURUSD moved -2.5 pips. These initial moves are relatively small when compared to the typical median 1-hour moves observed after past releases. For instance, EURUSD typically sees a median 1-hour move of 9 pips, while EURJPY and EURAUD both typically see median 1-hour moves of 14 pips. EURNZD’s median 1-hour move is 17 pips.