Economic data from the Eurozone gives the EUR an early boost. The focus will now shift to manufacturing data from the U.S and FED Chair Powell.
It was a busy day on the economic calendar on Monday. Manufacturing PMI figures for Italy and Spain were in focus along with finalized PMIs for France, Germany, and the Eurozone. German retail sales also drew attention ahead of the European open.
In March, retail sales jumped by 7.7% month-on-month, following an upwardly revised 2.7% increase in February.
According to Destatis,
Spain’s Manufacturing PMI rose from 56.9 to 57.7 in April, with Italy’s Manufacturing PMI increasing from 59.8 to 60.7. Economists had forecast PMIs of 59.0 and 61.0 respectively.
From France, the Manufacturing PMI declined from 59.3 to 58.9, which was down from a prelim 59.2.
Germany’s Manufacturing PMI fell from 66.6 to 66.2 which was down from a prelim 66.4.
The Manufacturing PMI rose from 62.5 to 62.9 in April. This was down from a prelim 63.3, however.
According to the Markit Survey,
Through the release of the German retail sales figures earlier in the day, the EUR fell to a post-stat low and a current day low $1.20131before finding support.
Driven by impressive manufacturing PMI numbers and a sharp rise in German consumer spending, the EUR rallied to a post-stat and current day high $1.20557.
At the time of writing, the EUR was up by 0.30% to $1.20549.
ISM Manufacturing PMI and finalized Markit Manufacturing PMI numbers for April. After the European close, FED Chair Powell will also draw attention.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.