European PMIs cause Euro drop

Note: This section contains information in English only.
Source: Dukascopy Bank SA


S&P Global has released the Manufacturing and Services Purchasing Managers Index survey results for the Eurozone countries. In general, the data has shown a larger than expected activity slowdown in the two sectors. The news caused a decline of the Euro.

On the EUR/USD charts the event caused a 56 base point or 0.51% drop. After the initial drop a follow up decline started, as the rate appeared to be heading to the 1.0800 mark.

In general, the markets look at the French, German and combined Eurozone PMIs. Note that all readings below 50.00 indicate a decline of activity in the sector. All data sets revealed a decline, but moreover, they were below the already pessimistic forecasts.

French Manufacturing showed a reading of 46.4 instead of 45.1. Meanwhile, Services sector result was 46.7, compared to forecast 47.5.

German Manufacturing survey was close to the forecast, as 38.9 was expected, but actual result was 39.1. In the meantime, the Services sector was expected to be positive with a reading of 51.5. However, the actual number was 47.3.

The combined Eurozone readings were 43.7 compared to forecast 42.8 for manufacturing and 48.3 compared to forecast 50.6 for services sector.
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