Manufacturing Sector PMIs for October Deliver Little EUR Comfort

It’s been a relatively busy start to the day on the Eurozone economic calendar this morning.

Manufacturing sector PMIs for Italy and Spain were in focus early in the session.

Finalized manufacturing PMIs for France, Germany, and the Eurozone also drew attention, however.

Member States

In October, Italy’s manufacturing PMI rose from 59.7 to 61.1 versus a forecasted 59.7. Spain’s manufacturing PMI slipped from 58.1 to 57.4 versus a forecasted 58.1.

For France, the manufacturing PMI declined from 55.0 to 53.6, which was up from a prelim 53.5.

Germany’s manufacturing PMI fell from 58.4 to 57.8, which was down from a prelim 58.2.

The Eurozone

For the Eurozone, the Manufacturing PMI held steady at 58.3, which was down from a prelim 58.5.

According to the October survey,

• Supply-side issues disrupted production schedules and dented order books, causing growth of both metrics to slow.
• Supplier delivery times lengthened to one of the most severe extents on record.
• Input and output price inflation rates surged to new survey peaks.

 

By Member State,

• The Netherlands ranked 1^st, with a 2-month high 62.5, followed by Ireland (62.1).
• Italy ranked 3^rd, with a 4-month high 61.1, followed by Austria (60.6) that fell to an 8-month low.
• Greece ranked 5^th, with a 2-month high 58.9 ahead of Germany, who’s PMI fell to a 9-month low 57.8.
• Spain and France ranked 7^th and 8^th, with PMIs of 57.4 and 53.6 respectively.

Market Impact

Ahead of the trade data, the EUR had risen to a pre-stat and current day high $1.16134 before hitting reverse.

In response to the PMI figures, the EUR rose to a post-stat high $1.16109 before falling to a post-stat and current day low $1.15861.

At the time of writing, the EUR was down by 0.02% to $1.16039.