Eurozone Manufacturing PMI declines to 57 in March vs. 56 expected

Eurozone PMI declined in early March but came in higher than expectations.
EUR/USD continues to fluctuate around 1.1000 after the data.

Eren Sengezer FXStreet

Manufacturing PMI in the eurozone edged lower to 57 in early March from 58.2 in February, the data published jointly by IHS Markit and S&P Global showed on Thursday. This print came in better than the market forecast of 56.

Further details of the report revealed that the Services PMI declined to 54.8 from 55.5 and the Composite PMI fell to 54.5 from 55.5. Both of these readings surpassed analysts' estimates.

Commenting on the data, "the survey data underscore how the Russia-Ukraine was is having an immediate and material impact on the eurozone economy and highlights the risk of the eurozone falling into decline in the second quarter, said Chris Williamson, Chief Business Economist at S&P Global.

Market reaction

EUR/USD continues to trade in a relatively tight range near 1.1000 after these data.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

AUD/USD remains depressed near 0.6950 after RBA minutes

AUD/USD attracts follow-through selling during Tuesday’s Asian session, looking to extend the overnight rejection slide from 0.7000, or a two-week top, following the release of RBA meeting Minutes. The US Dollar retains a bullish undertone near its highest level since April 2025 as energy-driven inflation risks keep December Fed rate hike bets firmly on the table. Adding to this, geopolitical risks further underpin the safe-haven USD.

USD/JPY extends retreat below 158.50 as intervention risks loom

USD/JPY is dropping below 158.50 in the Asian session on Tuesday, snapping a two-day winning streak and pulling back from an over two-week top touched the previous day, despite Japan's soft PPI inflation print. Bulls turn cautious amid speculation that authorities will step in to prop up the Japanese Yen, which, in turn, weighs on the pair.

Gold advances to $4,200 amid retreating USD; Fed hike bets to cap further gains

Gold builds on its modest intraday move up and hits a fresh daily high around the $4,200 neighborhood during the Asian session. The US Dollar retreats from its highest level since April 2025 amid some profit-taking, offering support to the commodity. However, the US Federal Reserve's hawkish stance and escalating Middle East conflicts could limit deeper losses for the safe-haven buck.

Cardano: Retail support wanes as ADA tests a make-or-break level

Cardano price is up nearly 2% at press time on Tuesday, holding above its 50-day Exponential Moving Average (EMA) at $0.2302 and a near-term rising support trendline at $0.2264. ADA is losing retail demand in the derivatives market as its futures Open Interest declines and funding rates flip negative.

Indian Rupee gains further on RBI’s fresh measures to lower US Dollar’s demand

The Indian Rupee extends the Monday’s advance against the US Dollar on Tuesday, driven by the announcement of fresh Reserve Bank of India’s US Dollar-related measures to shore up the domestic currency. In the opening session, the USD/INR pair tumbles 0.6% to near 95.00, the lowest level seen in over a month.

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin (BTC) on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?