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Fundamental Forex Analysis

Eurozone Preliminary Manufacturing PMI hits a record low of 33.6 in April, EUR/USD re-takes 1.08

  • Eurozone Manufacturing PMI arrives at 33.6 in April vs. 39.2 expected.
  • Eurozone Services PMI stands at 11.7 in April vs. 23.8 expected.

The Eurozone manufacturing sector witnessed the sharpest deterioration ever this month, the latest manufacturing activity survey from IHS/Markit research showed on Thursday.

The Eurozone manufacturing purchasing managers index (PMI) came in at an all-time low of  33.6 in April vs. 39.2 expected and 44.5 last while the Services PMI hit a record low of 11.7 in the reported month vs. 23.8 expected and 26.4 last.

The IHS Markit Eurozone PMI Composite slumped to 13.5 in April (record low) vs. 25.7 expected.

Comments from Chris Williamson, Chief Business Economist at IHS Markit

“April saw unprecedented damage to the eurozone economy amid virus lockdown measures coupled with slumping global demand and shortages of both staff and inputs.”

“The extent to which the PMI survey has shown business to have collapsed across the eurozone greatly exceeds anything ever seen before in over 20 years of data collection. The ferocity of the slump has also surpassed that thought imaginable by most economists, the headline index falling far below consensus estimates.”

FX implications

The shared currency pays little heed to the terrible Euro area PMI readings, as EUR/USD attempts a tepid bounce above 1.0800.

EUR/USD technical levels to watch

 

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