BREAKING: Final PMI from eurozone and Germany slightly higher than expected

Final April PMI from eurozone

• Germany. 42,5 Previously: 42.2
• Eurozone. 45,7 Previously: 45.6
• France 45.3 Previously: 44,9
• Italy. 47.3 Previously: 50.4
• Spain: 52.2 Previously: 51.4
• Poland: 45.9 Previously: 48
• Hungary: 51.8 Previously: 52.2
• Switzerland. 41.4 Previously: 45.5
• Norway: 52.4 vs 50.8

At the same time, OECD commented that US-Europe economic divergence is to persist in the near term. OECD sees Federal Reserve cutting rates from Q3 to 3.75-4% by the end of 2025 and ECB seen cutting from Q3 to 2.5% by end 2025.

EURUSD (M5)

EURUSD see very calm reaction to final PMI readings from eurozone. The biggest suprise was very problematic PMI from Switzerland, where possible more cyclical manufacturing see some negative effects of globally higher rates and lower orders. Germany and eurozone final PMI reading came in slightly higher, but the difference to previous data is very small.

Source: xStation5