Manufacturing sector PMIs fail to sink the EUR, which finds support ahead of finalized Eurozone inflation figures for March, due out shortly.
It was a busy start to the European session this morning, with manufacturing sector PMIs for Spain and Italy in focus. Finalized PMIs for France, Germany, and the Eurozone also drew attention.
In March, Spain’s manufacturing PMI fell from 56.9 to 54.2, with Italy’s PMI down from 58.3 to 55.8. Economists had forecast PMIs of 55.5 and 57.0, respectively.
The French manufacturing PMI fell from 57.2 to 54.7, which was down from a prelim of 54.8. Germany’s PMI declined from 58.4 to 56.9, which was down from a prelim 57.6.
For the Eurozone, the manufacturing PMI fell from 58.2 to a 14-month low of 56.6, which was down from a prelim 57.0.
According to the March survey,
Ahead of today’s stats, the EUR struck a pre-stat and current-day high of $1.10762 before sliding to a pre-stat low of $1.10524.
In response to today’s figures, the EUR fell to a post-stat and current-day low of $1.10430 before rising to a post-stat high of $1.10742.
At the time of writing, the EUR was up by 0.06% to $1.0733, with focus shifting to finalized Eurozone inflation figures for March.
Finalized Eurozone inflation figures for March are due out shortly. U.S nonfarm payrolls, due out later in the day, will be the key stat of the day, however.
With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.