PMI revisions fail to support EURUSD

Economic calendar for the European morning session today was dominated by manufacturing PMI releases for January. However, the majority of those were revisions to flash data released on January 24, 2024, and therefore were not expected to show any larger deviations from preliminary values or trigger any larger market moves.

Data from Spain and Italy turned out to be better than expected, with indices from both countries significantly improving compared to December. When it comes to revisions of data for France, Germany and the whole euro area, no major deviations were reported. Data has largely confirmed what was suggested by flash releases last week. A key takeaway from PMIs is that the manufacturing sector in all major European economies remained in contraction in January 2024.

Manufacturing PMIs for January

Spain: 49.2 vs 48.0 expected (46.2 previously)
Italy: 48.5 vs 47.3 expected (45.3 previously)
France (final): 43.1 vs 43.2 in first release (42.1 previously)
Germany (final): 45.5 vs 45.4 in first release (43.3 previously)
Euro area (final): 46.6 vs 46.6 in first release (44.4 previously)

No major reaction to manufacturing PMIs could be spotted on the EUR market. Taking a look at EURUSD chart at H1 interval, we can see that the pair continues to slide following yesterday's surprisingly hawkish FOMC meeting.

Source: xStation5

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