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NZDUSD trades below the September low

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German flash June PMI exceeded expectations across the board: Services of 62.2 (59.5 exp, 57.5 prior), Manufacturing of 62.6 (62.5 exp., 63.4 prior), and composite 62.5 (60.7 exp., 60.1 prior).

  • The composite and services figures were all-time highs (going back to the start of the respective series in 1997-98).
  • From the IHS Markit release, "the uptick in the index was driven by an ongoing rapid recovery in services activity, linked to the easing of virus containment measures and growing demand".
  • On employment: "Buoyed by strengthening demand and growing capacity pressures, firms took on staff at an unprecedented rate during the month."
  • On prices: "On the price front, rates of increase in input cost and output charges showed a slight correction from May's record highs, but nevertheless pointed to ongoing strong inflationary pressures as supply struggled to keep pace with demand...The combined rate of inflation was the second-fastest seen since this series began in September 2002."