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Bunds sell off on better French services PMI

FRANCE DATA

Much better number for the French services PMI there (despite remaining below 50) and a small beat for manufacturing.

  • "The improvement in overall demand conditions was centred on the domestic market. Foreign sales continued to fall, extending the current sequence of decline to a year. However, the latest contraction was far softer than in November and modest overall"
  • For the first time since March "the rise in new orders saw French businesses slightly increase their staff numbers in December."
  • "Firms were optimistic towards the 12- month business outlook. In fact, confidence reached the highest level for almost a year, supported by an anticipated recovery in demand when COVID-19 vaccines become widely available."
  • Bund futures drop around 15 ticks on the release to 178.12 at writing. Next support is at 177.82/77 - where the 20-day EMA, Dec 10 low and key S/T support converge.
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