Foreign Exchange Market Update

July 24, 2026

Eurozone

Euros traded at 1.1386 against USD at 9:00 AM PST

Germany's private sector returned to expansion territory in July for the first time in four months. The flash composite output index climbed to 51.2 in July from 49.5 in the prior month. Growth was centered on the manufacturing sector, where output increased to the greatest extent for almost four-and-a-half years. Meanwhile, activity in the service sector came close to stabilization. The services Purchasing Managers' Index (PMI) registered 49.6 in July compared to 48.6 in the prior month. The manufacturing PMI advanced to 52.2 from 50.3 in the previous month. The reading was seen at 50.4. 07/24/2026 - 08:00:00 (RTTNews)

France's private sector contracted only marginally in July as the services economy logged a notable turnaround. The flash composite output index rose to 49.6 in July from 47.2 in the previous month. The score suggested only a marginal decline in private sector activity when compared to the previous month. Moreover, the reading was the highest since the outbreak of the Middle East war at the end of February. The services Purchasing Managers' Index (PMI) posted 49.8, up from 46.8 in the previous month. At the same time, the factory PMI hit 50.0 compared to 51.2 in June. 07/24/2026 - 06:56:00 (RTTNews)

Spain's producer price inflation moderated in June after hitting the highest since late 2022 in May. Producer prices increased 7.0% yearly in June, slower than the 10.5% increase seen in May. The easing trend in June was driven by price development in energy, which grew at a slower pace of 14.3% versus a 28.5% jump in May. Meanwhile, the annual price growth in intermediate goods accelerated to 6.6% from 6.0%. Prices of capital and consumer goods grew 2.5% and 1.0%. On a monthly basis, producer prices remained flat in June after rising 1.0% in the prior month. 07/24/2026 - 06:22:00 (RTTNews)

United Kingdom

British Pound traded at 1.3344 against USD at 9:00 AM PST

The U.K. private sector expanded for the first time in three months in July amid a slight upturn in new business. The flash composite output index rose to a 3-month high of 52.1 in July from 49.3 in the previous month. A score above 50 indicates expansion, while any reading below 50 suggests contraction.

Improved performances were seen in both the manufacturing and service sectors in July. The services Purchasing Managers' Index (PMI) climbed to 51.8 from 48.8 in June, and the manufacturing PMI improved to 52.8 from 52.5. The renewed growth seen in the service sector was driven by stronger demand for consumer services, including in parts of the hospitality sector due to the FIFA World Cup. Nonetheless, some firms also faced challenges linked to the Middle East conflict along with unusually hot weather conditions.

Total new work received by the British private sector rose marginally, supported by sharp growth in manufacturing orders. Export orders also grew amid stronger demand from U.S. and European customers. On the price front, input price inflation eased for the third successive month in July, helped by softer cost pressures in both the manufacturing and service sectors. Rising cost pressures and a lack of pressure on business capacity led to a further reduction in private sector employment in July.07/24/2026 - 09:03:00 (RTTNews)

U.K. retail sales grew in June as warm weather boosted outdoor product sales. Retail sales increased 1.0% in June, following a rise of 1.2% in May. Retailers suggested that sales promotions and warm weather increased sales volumes for non-store and clothing retailers. Increased sales of clothing and sports merchandise also benefited from the June figures for non-store retailers.

Excluding auto fuel, retail sales rose at a slower pace of 1.1% after climbing 1.2% in the prior month. On a yearly basis, retail sales increased 4.2% from the previous year, faster than the 3.5% increase seen in May. Excluding auto fuel, retail sales growth accelerated to 5.4% from 4.9% in May. 07/24/2026 - 04:36:00 (RTTNews)