Forex Webinar: Euro-Zone PMIs Miss Expectations, Euro Steady
- Euro-Zone manufacturing PMI for June comes in higher than expected but both the services PMI and the composite PMI are lower than forecast.
- EUR/USD climbed modestly on the data but then eased back.
The composite purchasing managers’ index for the Euro-Zone eased to 55.7 in June from 56.8 in May, missing economists’ forecasts of a rather smaller decline to 56.6. The data suggest slightly slower economic growth in the region at the end of the first quarter, although growth remains healthy.
The Euro was little affected by the figures, with EUR/USD currently more affected by the political situation in the Euro-Zone as well as by the differences in yield between US and German government bonds.
Chart: EUR/USD 5-Minute Timeframe (June 23, 2017)
--- Written by Martin Essex, Analyst and Editor
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