The index Eurozone manufacturing PMI published by S&P Global has fallen to 46.1 points in the February preliminary reading from 46.6 in January. The figure disappoints market expectations, as an increase to 47.0 was expected.
He Services PMI has returned to expansion territory by rising to 50 from the previous 48.4 points, also exceeding the 48.8 predicted by the experts. This is the best result recorded by the indicator in seven months.
The composite PMI has risen to 48.9 from 47.9, improving the 48.5 point estimate and reaching its best level in eight months.
Euro reaction
EUR/USD reached its highest level in three weeks at 1.0888 just before the German and Eurozone PMI data. After the publications, the pair fell towards the 1.0858 area, although it now maintains gains on the day of 0.48%, trading at the time of writing above 1.0869.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
