Eurozone: Integrated PMI exceeds expectations in February with a rise to a nine-month high of 52.3

The index PMI manufacturing in the euro zone has fallen three tenths in its preliminary reading for February, sliding to 48.5 from 48.8 in January, disappointing the rise to 49.3 estimated by the market. The indicator registers a minimum of two months and remains in contraction territory for the eighth consecutive month,

He Integrated PMI is up two points, rising to 52.3 from 50.3, surpassing the 50.6 points expected by the consensus. This is the fourth consecutive month of improvements in the indicator, which stands at its highest level in nine months, since May 2022

Finally, the services PMI has increased 2.2 points, rising to 53.0 from 50.8, its new eight-month high. The result improves the 51 points predicted by the experts.

Eurozone business activity growth accelerated to a nine-month high in February, reflecting better performance from the services sector and a return to growth in manufacturing output. An increase in demand, the recovery of supply chains, the reduction of the backlog of orders and an improvement in confidence underpinned the rally. The data is consistent with the expansion of the economy in the first quarter so far, and employment also continues to rise, according to the IHS Markit statement.

EUR/USD reaction

He EUR/USD has reacted to the PMI data for Germany and the Eurozone with a rebound close to 20 pips that has sent it falling to new two-day lows at 1.0659. At time of writing, the pair is trading at 1.0665, shedding 0.18% daily.