Private sector PMIs for April give the EUR support. Next up, U.S private sector PMIs and ECB President Lagarde.
It’s been a busy start to the day on the Eurozone economic calendar. Prelim private sector PMI figures from France, Germany, and the Eurozone were in focus this morning.
According to prelim figures, the French manufacturing PMI slipped from 59.3 to 59.2 in April, while the services PMI rose from 48.2 to 50.4.
Economists had forecast PMIs of 59.0 and 46.5.
From Germany, the manufacturing PMI slipped from 66.6 to 66.4 with the services PMI falling from 51.5 to 50.1.
Economists had forecast PMIs of 65.8 and 50.8 respectively.
For the Eurozone, the manufacturing PMI rose from 62.5 to a record high 63.3, with the services PMI rising from 49.6 to an 8-month high 50.3.
Economists had forecast PMIs of 62.0 and 49.1 respectively.
According to the prelim April Survey,
Ahead of the stats, the EUR had fallen to a pre-stat and current day low $1.20129 before rising to a pre-stat high $1.20370.
In response to the prelim PMI figures, the EUR rose from $1.20422 to a post-stat and current day high $1.20617.
At the time of writing, the EUR was up by 0.35% to $1.20577.
Private sector PMIs from the U.S, with the services PMI the key driver.
On the monetary policy front, ECB President Lagarde is also scheduled to speak later in the day…
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.