The economic situation in the euro area and in its biggest economy remains worrisome at the time of rising debt woes and risk of Greek default.

Germany's economic performance remains of the essence for the euro area and today's data were rather mixed and surprising as the pace of growth suffers amid rising uncertainty, risk and euro strength.

The Purchasing Managers' Index preliminary estimate for June showed accelerating Services performance as the index surged to 58.3 from 56.1 and above the expected 55.7, where the sector reversed a slowing trend on the back of rising inflation and slowing spending.

On the other hand, slowing global demand and a strong euro pressuring manufacturing activity to slow in June as the index fell to 54.9 from 57.7 and below the expected 57.0.