January service and composite PMI figures weigh on the EUR, with prelim January inflation figures for Italy and the Eurozone up next.
It was yet another busy morning on the European economic calendar, with economic data from France, Germany, Italy, Spain, and the Eurozone in focus.
Key stats January service sector PMI figures for Italy and Spain and finalized services and composite PMI numbers for the Eurozone. Finalized French and German Services and Composite PMIs also drew attention early in the session.
Spain’s services PMI slid from 48.0 to 41.7 in January versus a forecasted decline to 45.3. In December, the PMI had jumped from 39.5 to 48.0.
According to the January survey,
Italy’s services PMI rose from 39.7 to 44.7 versus a forecasted decline to 39.5. In December, the PMI had inched up from 39.4 to 39.7.
According to the January Survey,
France’s finalized PMI came in at 47.3, which was up from a prelim 46.5 while down from a December 49.1. In December, the PMI had risen from 39.8 to 49.1.
According to the finalized January Survey,
From Germany, the finalized PMI came in at 46.7, which was downwardly revised from a prelim 46.8 and down from a December 47.0. In December, the PMI had risen from 46.0 to 47.0.
According to the finalized Survey,
For the Eurozone, the finalized Services PMI came in at 45.4, which was revised up from a prelim 45.0. In December, the PMI had risen from 41.7 to 46.4.
The Composite PMI came in at 47.8, which was revised up from a prelim 47.5. In December, the Composite had risen from 45.3 to 49.1.
According to the finalized January Survey,
Italian and Eurozone prelim inflation figures for January are due out shortly. Markets are expecting a pickup in inflationary pressures at the start of the year.
For the Eurozone, the annual rate of inflation is forecasted to pickup to 0.5%, with the core annual rate of inflation forecasted to accelerate to 0.9%.
Through the release of today’s PMI figures, the EUR slid from a pre-release $1.20397 to a current day low $1.2010.
At the time of writing, the EUR was down by 0.11% to $1.20187.
For the European equity markets, the stats also weighed on the majors, leading a pullback from early highs.
At the time of writing, the EuroStoxx600 was up by 0.66%, with the CAC40 and DAX30 up by 0.33% and by 0.58% respectively.
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.