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.

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 tenth 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 strong contraction phase.

Forex Technical Reaction: The euro was unmoved by the release. During the European session, the euro tried to find a bottom after declining approximately 100 pips from the high of the session.