Euro moved due to PMIs

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


During Thursday's morning hours, S&P Global published its Purchasing Managers Indices for the European countries. These data sets moved the Euro by revealing how the services and manufacturing sectors are doing in the eurozone.

A PMI is a diffusion index derived from a survey. In general, a reading below 50 is seen as bad. A reading above 50 is seen as good for the sector. However, what matters is what the actual data is, compared to the market consensus forecast.

French Manufacturing PMI was below expected at 42.1 instead of 44.4. Meanwhile, the Services PMI is a lot better than expected, as the released number is 55.0 instead of 50.2. This reveal at 07:15 GMT caused the initial spike of the Euro to the upside.

German numbers were both below expectations, which was the cause for the follow-up decline. Manufacturing PMI was expected to be at 43.4, but actual number is 42.1. Services PMI showed a reading of 51.4 instead of forecast 52.3.
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