French private sector and German manufacturing PMI numbers for May delivered early EUR support. The Eurozone's headline manufacturing PMI weighed, however.
It was a busy morning on the Eurozone economic calendar. Prelim May private sector PMI numbers for France, Germany, and the Eurozone were in focus.
In January, France’s manufacturing PMI fell from 55.7 to a 7-month low of 54.5, with the services PMI declining from 58.9 to 58.4. Economists had forecast PMIs of 55.0 and 58.6, respectively.
Germany’s manufacturing PMI rose from 54.6 to a 2-month high of 54.7, while the services PMI fell from 57.6 to 56.3. Economists had forecast PMIs of 54.0 and 57.2, respectively.
According to prelim figures, the Eurozone’s manufacturing PMI slid from 55.5 to an 18-month low of 54.4, with the services PMI declining from 57.7 to 56.3. Economists had forecast PMIs of 54.9 and 57.5, respectively.
As a result, the Composite PMI declined from 55.8 to 54.9 versus a forecasted 55.3.
According to the May prelim survey,
Ahead of today’s stats, the EUR fell to a pre-stat and current day low of $1.06608 before striking a pre-stat high of $1.07244.
In response to today’s stats, the EUR rose to a post-stat and a current day high of $1.07360 before easing back.
At the time of writing, the EUR was up by 0.20% to $1.07102.
Prelim May private sector PMIs for the U.S. We will expect the services PMI to draw the greatest interest as market recessionary fears linger.
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.