Eurozone Preliminary Manufacturing PMI beats estimates with 44.8 in March, EUR/USD uninspired


  • Eurozone Manufacturing PMI arrives at 44.8 in March vs. 39.0 expected.
  • Eurozone Services PMI arrives at 28.4 in March vs. 39.0 expected.

The Eurozone manufacturing sector activity showed worsening conditions this month and remained in the contraction territory, the latest manufacturing activity survey from IHS/Markit research showed on Tuesday.

The Eurozone manufacturing purchasing managers index (PMI) came in at a 92-month low of 44.8 in March vs. 39.0 expected and 49.2 last while the Services PMI plunged to a record low of 28.4 in the reported month vs. 39.0 expected and 52.6 last.

The IHS Markit Eurozone PMI Composite slumped to 31.4 in March (record low) vs. 38.8 expected.

Comments from Chris Williamson, Chief Business Economist at IHS Markit

“Business activity across the eurozone collapsed in March to an extent far exceeding that seen even at the height of the global financial crisis. Steep downturns were seen in France, Germany and across the rest of the euro area as governments took increasingly tough measures to contain the spread of the coronavirus.“

“The March PMI is indicative of GDP slumping at a quarterly rate of around 2%, and clearly there’s scope for the downturn to intensify further as even more draconian policies to deal with the virus are potentially implemented in coming months.”

FX implications

The shared currency failed to react to the mixed Eurozone PMI readings, with EUR/USD wavering in a 25-pips tight range around 1.0820 region. The bulls remain unperturbed by the mixed German PMI report as well.

EUR/USD technical levels to watch

EUR/USD

Overview
Today last price 1.0825
Today Daily Change 0.0098
Today Daily Change % 0.91
Today daily open 1.0727
 
Trends
Daily SMA20 1.1064
Daily SMA50 1.1013
Daily SMA100 1.1053
Daily SMA200 1.1088
 
Levels
Previous Daily High 1.0828
Previous Daily Low 1.0636
Previous Weekly High 1.1237
Previous Weekly Low 1.0638
Previous Monthly High 1.1089
Previous Monthly Low 1.0778
Daily Fibonacci 38.2% 1.0755
Daily Fibonacci 61.8% 1.0709
Daily Pivot Point S1 1.0633
Daily Pivot Point S2 1.0539
Daily Pivot Point S3 1.0442
Daily Pivot Point R1 1.0825
Daily Pivot Point R2 1.0922
Daily Pivot Point R3 1.1016

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

GBP/USD trims a part of intraday losses, down a little below 1.3200 ahead of BoE

GBP/USD trims a part of intraday losses, down a little below 1.3200 ahead of BoE

The GBP/USD pair finds some support near the 1.3150 region on Thursday and for now, seems to have stalled its retracement slide from the 1.3300 neighborhood, or the highest level since March 2022 touched the previous day. 

GBP/USD News
EUR/USD flat lines above 1.1100 after Fed's bumper rate cut

EUR/USD flat lines above 1.1100 after Fed's bumper rate cut

The EUR/USD pair trades flat during the early European session on Thursday. The major pair initially edges higher to monthly highs of 1.1189 after a large rate cut by the Federal Reserve at its September meeting and eases back to near 1.1120.  

EUR/USD News
Gold defends $2,550 in the Fed’s aftermath, ahead of US data

Gold defends $2,550 in the Fed’s aftermath, ahead of US data

Gold price is defending $2,550 early Thursday, catching a breath after intense volatility witnessed in the aftermath of the all-important US Federal Reserve monetary policy announcements and Fed Chairman Jerome Powell’s press conference.

Gold News
Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin surges to $62,000 mark after 50 bps Fed rate cut

Bitcoin and Ripple eye for a rally as they break and find support around their resistance barrier. Meanwhile, Ethereum demonstrates signs of recovery as it approaches a critical resistance level, indicating that an upward rally could be on the horizon if it successfully breaks through.

Read more
Australian Unemployment Rate expected to hold steady at 4.2% in August

Australian Unemployment Rate expected to hold steady at 4.2% in August

The Australian Bureau of Statistics will release the monthly employment report at 1:30 GMT on Thursday. The country is expected to have added 25K new positions in August, while the Unemployment Rate is foreseen to remain steady at 4.2%.

Read more
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

Forex MAJORS

Cryptocurrencies

Signatures