- Eurozone Manufacturing PMI stayed unchanged at 44.2 in December, missing estimates of 44.6.
- Bloc’s Services PMI declined to 48.1 in December vs. 49.0 forecast.
- EUR/USD keeps losses near 1.0950 after German, Eurozone PMI reports.
The Eurozone manufacturing sector contraction stalled but the services sector’s deepened in December, the latest figures from the HCOB's latest purchasing managers index survey showed Friday.
The Eurozone Manufacturing Purchasing Managers Index (PMI) arrived at 44.2 in December when compared to the anticipated reading of 44.6 and matching the 44.2 registered in November. The index remained at a six-month high.
The bloc’s Services PMI dropped to 48.1 in December from 48.7 in November, hitting a two-month low while missing the 49.0 forecast.
The HCOB Eurozone PMI Composite fell to 47.0 in December vs. 48.0 expected and November’s 47.6 readout. The index touched a two-month trough.
(This story is corrected on Dec 15 at 09:40 GMT to say that "Eurozone Manufacturing PMI stayed unchanged at 44.2 in December, missing estimates of 44.6," not beating)
FX implications
EUR/USD is consolidating the latest downtick to near 1.0950 after dismal Eurozone PMIs. The spot is down 0.33% on the day, as of writing.
Euro price this week
The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the strongest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -1.78% | -1.56% | -1.55% | -2.08% | -2.34% | -1.58% | -1.50% | |
| EUR | 1.74% | 0.21% | 0.21% | -0.30% | -0.56% | 0.19% | 0.27% | |
| GBP | 1.56% | -0.21% | 0.02% | -0.49% | -0.75% | 0.00% | 0.08% | |
| CAD | 1.53% | -0.23% | -0.01% | -0.51% | -0.77% | -0.02% | 0.06% | |
| AUD | 2.04% | 0.30% | 0.50% | 0.51% | -0.26% | 0.49% | 0.57% | |
| JPY | 2.29% | 0.53% | 0.67% | 0.77% | 0.27% | 0.72% | 0.82% | |
| NZD | 1.55% | -0.21% | 0.01% | 0.02% | -0.50% | -0.76% | 0.07% | |
| CHF | 1.47% | -0.30% | -0.07% | -0.06% | -0.57% | -0.83% | -0.08% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
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EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
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Geopolitics back on the radar
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Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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