Release Explanation: Measures the activity level of Purchase Managers, they are surveyed on production, employment, inventories, orders, and delivery data. The PMI is split into reads on Manufacturing, Service, and Construction industries. A read over 50 denotes growth.
Trade Desk Thoughts: The European PMI service shows that both the service and manufacturing side of the economy are still in a contraction phase. This is the eight consecutive month when the two indexes have shown a read below the 50.0 level, which separates contraction from growth, however the two indexes ticked slightly higher this month. The read is in-line with the latest statistical reports from the euro-zone, which show the economy is in a contraction phase.
Forex Technical Reaction: The euro is still struggling to take out TheLFB S2 (1.2825), after plunging 180 pips overnight. Against the pound, the euro gained 30 pips tonight.
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Euro-area Flash PMI Down For The Eighth Month
Published 12/31/2000, 07:00 PM
Updated 01/23/2009, 04:16 AM
Euro-area Flash PMI Down For The Eighth Month
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