EUR flows: Mixed PMIs leave EUR/USD little changed

German services PMI has come in disappointingly weak, so that the composite is below consensus despite stronger than expected manufacturing PMI. The French numbers earlier were modestly stronger than expected, but still at low levels, so the underlying picture still looks subdued, even though the manufacturing numbers appear to be improving. EUR/USD rose a little on the French numbers but has slipped back on the German numbers, so is not much changed on the session.