- French flash PMI composite output index records at 51.9 in February versus January's 51.1.
- German flash PMI composite output index posts at 51.1 in February versus January's 51.2.
- Eurozone flash PMI composite output index prints at 51.6 in February versus January's 51.3.
All eyes were set on the PMI (Purchasing Managers’ Index) reports from Germany, France, and the Eurozone at large on Friday that were expected to give a broader insight into the European economy and a long-term direction for Euro in the currency market.
French And German Readings For PMIs In February
Friday’s reports started with the PMIs for France. The data recorded the French flash services activity index at 52.6 in February that marked a record high in the past four months. The index was recorded at 51.0 in January while analysts had anticipated it to print at 51.4 this month. With a reading above 50, France’s services sector continued to expand in February.
The French flash manufacturing PMI, on the other hand, couldn’t mirror the optimism of the services sector. The index was revealed at 49.7 in February that was branded its lowest in 7 months. In January, it was announced at a much higher 51.1 while the experts had anticipated it to drop marginally to 51.8 in February. Dropping below 50, the manufacturing sector fell back into the contraction zone in February.
The French flash manufacturing output index also marked a 7-month low at 49.0 in February versus January’s 51.6. The French flash composite output index, however, stirred optimism with a 2-month high of 51.9 in February as compared to 51.1 noted in January. The composite index suggested continued expansion in France this month.
At 47.8, the German flash manufacturing PMI marked a 13-month high in February but remained in the contraction territory. In January, the index was revealed at 45.3 and the experts were expecting it to fall further in February to 44.8. On the contrary, the German flash services activity index printed at 53.3 in February that was reported its worst in the past two months. While the index missed the analysts’ forecast of 54.2, it still remained in the expansion territory in February.
The German flash manufacturing output index came out at 47.0 in February versus January’s 45.6. The PMI composite output index for Germany registered a marginal drop to 51.1 in February versus 51.2 in January.
Eurozone Readings For PMIs In February
For the greater Eurozone, manufacturing PMI recorded at 49.1 (12-month high) this month as compared to January’s 48.0 and analysts’ estimate of 47.4. Services activity index, on the other hand, was reported at 52.8 in February (2-month high) versus 52.5 last month. Reading for the manufacturing output index was capped at 48.4 this month (8-month high) from a lower 48.0 in January. The PMI composite output index for the Eurozone came out at 51.6 (6-month high) in February as compared to 51.3 in January.
Owing to the mixed data from different sectors of the different regions of Europe, EUR/USD didn’t respond too aggressively so far to the economic data on Friday. The currency pair surged from 1.0790 to 1.0820 only.