EUR ticks higher after European PMIs

European economic calendar for today was dominated by manufacturing PMI release for December. However, readings from Europe's biggest economies were revisions to the flash data released in the second half of December, and were not expected trigger any major market moves.

When it comes to first-reports, indices from Poland and Spain missed expectations, while Italian index turned out to be better-than-expected. When it comes to revisions, there were no surprises - indices from France, Germany and whole euro area came in mostly in-line with preliminary releases. A key takeaway is, however, that manufacturing sector in every major European economy remains in contraction.

There was no strong reaction to the releases on the EUR market. EURUSD moved higher over the past hour, but the move could be distorted by the opening of the European cash session as well as technical situation, and may not reflect reaction to PMIs alone.

Manufacturing PMIs for December from Europe

• Poland: 47.4 vs 48.5 expected (48.7 previously)
• Spain: 46.2 vs 46.9 expected (46.3 previously)
• Italy: 45.3 vs 44.4 expected (44.4 previously)
• France (final): 42.1 vs 42.0 in first release (42.9 previously)
• Germany (final): 43.3 vs 43.1 in first release (42.6 previously)
• Euro area (final): 44.4 vs 44.2 in first release (44.2 previously)

EURUSD moved higher following manufacturing PMI release, but the move could be distorted by the opening of the European cash session as well as technical situation - a recovery following a test of the 200-hour moving average (purple line). Source: xStation5