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Euro-area Flash Manufacturing PMI Actual 40.5, Expected 38.4, Previous 36.8 (Revised from 36.7)
Euro-area Flash Services PMI Actual 44.7, Expected 44.6, Previous 43.8 (Revised from 43.1)
Release Explanation: Measures the activity level of Purchase Managers, they are surveyed on production, employment, inventories, orders, and delivery data. ”The PMI is split into reads on Manufacturing, Service, and Construction industries. A read over 50 denotes growth,” TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: The European PMI service shows that both the service and manufacturing side of the economy are still in a contraction phase. This is the twelfth consecutive month when the two indexes have shown a read below the 50.0 level, which separates contraction from growth. “The read is in-line with the latest statistical reports from the euro-zone, which show the economy is in a contraction phase, even though some improvements had been seen lately,” TheLFB-Forex.com Trade Team added.
Forex Technical Reaction: The euro was unaffected by the news release. During the overnight session, the pair traded sideways in a 40-pip range.
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