Eurozone Preliminary Manufacturing PMI beats estimates with 63.1 in June

  • Eurozone Manufacturing PMI arrives at 63.1 in June vs. 62.1 expected.
  • Bloc’s Services PMI expands to 58.0 in June vs. 57.5 expected.

The Eurozone manufacturing sector activity boosted its pace of expansion in the reported month, the latest manufacturing activity survey from IHS/Markit research showed on Wednesday.

The Eurozone Manufacturing purchasing managers index (PMI) remained steady at 63.1 in June and beat 62.1 expectations. 

The bloc’s Services PMI jumped to 41-month highs of 58.0 in June vs. 57.5 expected and 55.2.

The IHS Markit Eurozone PMI Composite expanded sharply to 59.2 in June vs. 58.8 expected and 57.1 previous. The gauge hit 180-month tops

Comments from Chris Williamson, Chief Business Economist at IHS Markit

“The eurozone economy is booming at a pace not seen for 15 years as businesses report surging demand, with the upturn becoming increasingly broad-based, spreading from manufacturing to encompass more service sectors, especially consumer-facing firms.”

“Virus containment measures have been eased to the lowest since last September and are set to be reduced further in July to the lowest since the pandemic began. Vaccination programmes are also making impressive progress. This has not only facilitated greater activity in the service sector in particular, but the brightening prospect of life increasingly returning to normal has also pushed confidence to an all-time high, fuelled greater spending and encouraged hiring.”

FX implications

The shared currency got a fresh boost from upbeat German and Eurozone Business PMIs, driving EUR/USD closer to the 1.1950 level.

The spot currently trades at 1.1939, up 0.02% on the day.

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