08:50 AM BST, France – PMI Data for May:
- HCOB France Manufacturing PMI: actual 49.8; forecast 49.5; previous 48.7;
08:55 AM BST, Germany – PMI Data for May:
- HCOB Germany Manufacturing PMI: actual 48.3; forecast 48.8; previous 48.4;
09:00 AM BST, Euro Zone – PMI Data for May:
- HCOB Eurozone Manufacturing PMI: actual: 49.4; forecast 48.4; previous 49.0;
The manufacturing PMI for the Eurozone rose unexpectedly to 49.4, showing further signs of recovery of the sector in Europe. However, readings for the two biggest EU economies, France and Germany, came in rather mixed, reflecting new developments in the private sector dynamics.
France’s manufacturing sector has improved above expectations, supported by rising output, renewed hiring, and improving business confidence. Firms are discounting aggressively to boost sluggish demand, which is nearing stabilization. Softer input costs and supportive policy expectations add momentum, though weak export demand and global trade tensions continue to weigh on growth prospects in the near term.
Although the index for Germany ticked down marginally, the manufacturing sector showed signs of stabilization in May, with output rising for the third consecutive month, driven by stronger export demand—particularly from Europe and the US. Input costs dropped sharply, enabling price cuts amid intense competition. While employment and purchasing activity declined further, business confidence surged to a multi-year high, hinting at a cautious but broad-based recovery ahead, especially linked to the public infrastructure spending on the way.
EURUSD has been gaining on the reignated risk-off sentiment, so rather positive PMI reports further boost euro’s strength. The rally halted around 1,142 mark, serving as a key resistance for the pair, which is currently edging the overbought area. Source: xStation5
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