EUR ticks lower after PMI revisions

Manufacturing PMI indices for February from Europe were released this morning. Reports were not expected to trigger any major market moves as most of them were revisions to an already-released flash data.

Data from Spain turned out to be better-than-expected, while data from Italy missed expectations slightly. Those two were first releases. When it comes to revisions (France, Germany and euro area), they were small but positive. Nevertheless, PMI data continues to show that the manufacturing sector in all major European economies, apart from Spain, remains in contraction.

EUR moved lower following PMI revisions, but scale of the move was very small. European equity indices also moved lower, but moves were small as well.

Manufacturing PMIs for February

• Spain: 51.5 vs 50.0 expected (49.2 previously)
• Italy: 48.7 vs 49.2 expected (48.5 previously)
• France: 47.1 vs 46.8 in first release (43.1 previously)
• Germany: 42.5 vs 42.3 in first release (45.5 previously)
• Euro area: 46.5 vs 46.1 in first release (46.6 previously)

EURUSD moved slightly lower following February's manufacturing PMI revisions. Source: xStation5