Eurozone Preliminary Manufacturing PMI beats estimates with 39.5 in May, EUR/USD unmoved


  • Eurozone Manufacturing PMI arrives 39.5 in May vs. 38.0 expected.
  • Bloc’s Services PMI stands at 28.7 in May vs. 25.0 expected.

The Eurozone manufacturing sector attempted recovery from the sharpest deterioration on record this month, the latest manufacturing activity survey from IHS/Markit research showed on Thursday.

The Eurozone manufacturing purchasing managers index (PMI) rebounded from an all-time low of 33.4 in April to 39.5 in May and surpassed 38.0 expectations while the Services PMI jumped off a record low of 12.0 reported in April to 28.7 in May vs. 25.0 expected.

The IHS Markit Eurozone PMI Composite arrived at 30.5 in May vs. 24.0 expected and 13.6 last (record low).

Comments from Chris Williamson, Chief Business Economist at IHS Markit

“The eurozone saw a further collapse of business activity in May but the survey data at least brought reassuring signs that the downturn likely bottomed out in April.”

“Second quarter GDP is still likely to fall at an unprecedented rate, down by around 10% compared to the first quarter, but the rise in the PMI adds to expectations that the downturn should continue to moderate as lockdown restrictions are further lifted heading into the summer.”

FX implications

The shared currency pays little heed to the upbeat Eurozone PMI readings, as EUR/USD keeps its range near 1.0970.

EUR/USD technical levels to watch

EUR/USD

Overview
Today last price 1.0968
Today Daily Change -0.0012
Today Daily Change % -0.11
Today daily open 1.0979
 
Trends
Daily SMA20 1.086
Daily SMA50 1.0894
Daily SMA100 1.097
Daily SMA200 1.1017
 
Levels
Previous Daily High 1.0999
Previous Daily Low 1.0919
Previous Weekly High 1.0897
Previous Weekly Low 1.0775
Previous Monthly High 1.1039
Previous Monthly Low 1.0727
Daily Fibonacci 38.2% 1.0968
Daily Fibonacci 61.8% 1.0949
Daily Pivot Point S1 1.0932
Daily Pivot Point S2 1.0886
Daily Pivot Point S3 1.0852
Daily Pivot Point R1 1.1012
Daily Pivot Point R2 1.1046
Daily Pivot Point R3 1.1093

 

 

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