EUR/USD rises as French services PMI beats forecasts; manufacturing improves
EUR/USD edged higher in early European trading as French PMI data for May exceeded expectations. The flash services PMI came in at 47.4, slightly below the expected 47.5 but up from April's 47.3. Manufacturing PMI surprised to the upside at 49.5 versus 48.9 expected, a notable improvement from the prior 48.7. The composite PMI held steady at 48.0, matching forecasts. While still in contraction territory, the data suggests the pace of decline in French business activity is moderating. This lends some support to the euro against the broadly softer US dollar. However, EUR/USD upside may be capped as overall Eurozone economic conditions remain fragile. Traders now await the upcoming German PMI releases and Eurozone CPI inflation data for further direction. Resistance is seen at the recent high around 1.0850, with support at the 1.0780 level.
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