Euro-area Manufacturing PMI Actual 34.4, Expected 34.5, Previous 34.5

Release Explanation: As an indicator of economic performance the PMI has the ability to easily affect currency valuations as institutions re-align existing positions, or build new, on the strength of these reports. It measures the activity level of purchasing managers, who 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 PMI release shows the euro-area manufacturing side of the economy has contracted for eight consecutive months. The release number of 34.4 is slightly smaller than analyst expectations of 34.5. The Euro-zone PMI survey continues to establish record lows, pointing out that the economic contraction may be stronger and even more prolonged than previously thought.

Forex Technical Reaction: The euro is trading near the Asian open price, even though it tested TheLFB S1 earlier