Eurozone Preliminary Manufacturing PMI improves to 47.4 in May vs. 46.2 expected

Eurozone Manufacturing PMI rose to 47.4 in May, beating 46.2 forecast.
Bloc’s Services PMI steadied at 53.3 in May vs. 53.5 estimate.
EUR/USD holds the rebound near 1.0830 after German, Eurozone PMI data.

Dhwani Mehta FXStreet

The Eurozone manufacturing sector downturn eased while the services sector activity steadied in May, according to the data from the HCOB's latest purchasing managers index survey published on Thursday.

The Eurozone Manufacturing Purchasing Managers Index (PMI) improved from 45.7 in April to 47.4 in May, bettering the market expectations of 46.2. The index jumped to a 15-month high.

The bloc’s Services PMI held steady at 53.3. The data came in below the estimate of 53.5.

The HCOB Eurozone PMI Composite increased to 52.3 in May vs. 52.0 expected and April’s 51.7 reading. The index reached a 12-month top.

EUR/USD reaction to the Eurozone PMI data

EUR/USD is keeping its recovery momentum intact near 1.0830 despite the mixed Eurozone PMIs. The spot is still up 0.11% on the day, at the press time.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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