Eurozone Preliminary Manufacturing PMI rises to 53.7 in Sept, EUR/USD battles 1.17
|- Eurozone Manufacturing PMI arrives at 53.7 in Sept vs. 50.0 expected.
- Bloc’s Services PMI stands at 47.6 in Sept vs. 51.0 expected.
The Eurozone manufacturing sector activity continued to improve this month, the latest manufacturing activity survey from IHS/Markit research showed on Wednesday.
The Eurozone Manufacturing purchasing managers index (PMI) improved from 51.7 in August to 53.7 in September and beat 51.9 expectations while the Services PMI dropped to 47.6 in September vs. 50.5 expected and 50.5 last.
The IHS Markit Eurozone PMI Composite arrived at 50.1 in Sept vs. 51.7 expected and 51.9 previous.
Comments from Chris Williamson, Chief Business Economist at IHS Markit
“The eurozone’s economic recovery stalled in September, as rising COVID-19 infections led to a renewed downturn of service sector activity across the region.”
”A two-speed economy is evident, with factories reporting that production growth was buoyed by rising demand, notably from export markets and the reopening of retail in many countries, but the larger service sector has sunk back into decline as face to-face consumer businesses, in particular, have been hit by intensifying virus concerns.”
FX implications
The shared currency was unimpressed by the mixed Eurozone and German PMI readings, with EUR/USD weighing in losses below 1.1700.
The spot trades at 1.1685, down 0.18% on the day, as we write.
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