France S&P Global Services PMI comes in at 49.8 against 51.4 consensus

France’s S&P Global Services PMI for July was reported at 49.8, significantly below the consensus expectation of 51.4. This figure also represents an increase from the previous month’s reading of 46.8. The actual print came in 3.1% lower than the market’s forecast.

Following the release, the Euro showed varied, generally limited movement against major pairs within the first 15 minutes. EURUSD moved up 3.2 pips, while EURCHF moved down 3.7 pips. EURJPY saw a rise of 5.5 pips. Other pairs like EURAUD, EURCAD, EURGBP, and EURNZD registered changes of less than 2 pips. These initial movements are small when compared to the median 1-hour moves observed after past releases, which typically range from 6 pips for EURCHF to 17 pips for EURNZD.