The EUR hits reverse once more, with service sector and composite PMI numbers for February testing EUR support...
It was yet another busy morning on the economic calendar, with Service and Composite PMIs from Spain and Italy in Focus.
Finalized PMIs for France, Germany, and for the Eurozone also provided direction.
In February, Spain’s services PMI increased from 41.7 to 43.1. Economists had forecast an increase to 43.0.
According to the February Survey,
Service sector activity also continued to contract. In February, the Services PMI increased from 44.7 to 48.8, coming in ahead of a forecasted 46.0.
According to the February survey,
For France, the services PMI fell from 47.3 to 45.6 in February, which was up from a prelim 43.6.
German’s Services PMI fell from 46.7 to 45.7, which was down from a prelim 45.9.
It was a different story for the composite PMIs, however.
An impressive pickup in manufacturing sector activity in Germany led to a rise in the German composite from 50.8 to 51.1. This was down marginally from a prelim 51.3.
For France, the Composite fell from 47.7 to 47.0. This was up from a prelim 45.2, however.
For the Eurozone, the Services PMI rose from 45.4 to 45.7 in February, which was better than a prelim 44.7.
The Composite PMI rose from 47.8 to 48.8, an upward revision from a prelim 48.1.
According to the February survey,
Ahead of today’s PMIs, the EUR had hit a current day high $1.21079, after having recovered from a pre-stat low $1.20790.
Through the release of the PMIs, however, the EUR slid to a current day low $1.20742 before finding support.
At the time of writing, the EUR was down by 0.04% to $1.20856
For the European boerses, today’s stats had a limited impact as the markets continued to respond to falling yields.
At the time of writing, the DAX30 was up by 0.90%, with the CAC40 and EuroStoxx600 up by 0.84% and by 0.69% respectively.
ISM Non-Manufacturing PMI and finalized Market services and Composite PMIs from the U.S.
U.S ADP nonfarm employment change figures will also draw interest ahead of the PMIs.
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.