Eurozone Preliminary Manufacturing PMI ticks up to 48.7 in April vs. 47.5 expected
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Eurozone Manufacturing PMI rose to 48.7 in April, beating the 47.5 estimate. Bloc’s Services PMI dropped to 49.7 in April vs. 50.5 anticipated. EUR/USD holds losses near 1.1400 after German, Eurozone PMI data. The Eurozone manufacturing sector remained in contraction, while the service sector followed suit in April, according to data from the HCOB’s latest Purchasing Managers’ Index (PMI) Survey, published on Wednesday. The Eurozone Manufacturing Purchasing Managers Index (PMI) improved to 48.7 in April from 48.6 in March, beating the market expectations of 47.5. The bloc’s Services PMI fell to 49.7 April from 51 in March. The data came in below the estimated 50.5 print and hit a five-month low. The HCOB Eurozone PMI Composite arrived at 50.1 in April, following March’s 50.9. The market consensus was 50.3. EUR/USD reaction to the Eurozone PMIs data EUR/USD remains under pressure below 1.1400 following the mixed Eurozone PMI data, losing 0.32% on a daily basis. Euro FAQs The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit…
Filed under: News - @ April 23, 2025 8:20 am