- Eurozone Manufacturing PMI arrives at 54.7 in Jan vs. 54.6 expected.
- Bloc’s Services PMI stands at 45.0 in Jan vs. 45.0 expected.
The Eurozone Manufacturing purchasing managers index (PMI) improved from 55.2 in December to in January and beat 54.6 expectations while the Services PMI dropped to in Jan vs. 45.0 expected and 46.4 last.
The IHS Markit Eurozone PMI Composite arrived at 47.5 in Jan vs. 47.9 expected and 49.1 previous.
Comments from Chris Williamson, Chief Business Economist at IHS Markit
“A double-dip recession for the eurozone economy is looking increasingly inevitable as tighter COVID19 restrictions took a further toll on businesses in January. Output fell at an increased rate, led by worsening conditions in the service sector and a weakening of manufacturing growth to the lowest seen so far in the sector’s seven-month recovery.”
“Some encouragement comes from the downturn being less severe than in the spring of last year, reflecting the ongoing relative resilience of manufacturing, rising demand for exported goods and the lockdown measures having been less stringent on average than last year.”
The shared currency extends gains fulled by the German PMI readings, with EUR/USD fast approaching the 1.2200 level.
The spot trades at 1.2187, up 0.18% on the day, as of writing.
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