Data on business activity (PMI) in the eurozone

• German Manufacturing PMI (January), fact 49.9, forecast 51.4.
• Manufacturing PMI (Jan), fact 50.5, forecast 51.5.
• Markit Composite Business Activity Index (PMI) (Jan), fact 50.7, forecast 51.4.
• Index of business activity in the services sector (January), fact 50.8, forecast 51.5.

The preliminary report on business activity (PMI) in the eurozone was more negative than expected. The first negative note of the report was the data on business activity in the manufacturing sector (PMI) in Germany, which updated the minimum value since 2014. The overall rate for the euro area also showed a similar decrease and decreased to the low of 2014.

Fig. 1. Graph of composite index of business activity (PMI) in the Eurozone

 

Additional pressure on the euro had negative expectations from the ECB meeting, which will be released later today. As a result, the EUR/USD pair accelerated the decline on the correction after the growth and pessimism. The reduction will be limited to support levels: 1.1350 and 1.1320, resistance: 1.1380 and 1.1410.

Fig. 2. EUR/USD chart. Current price – 1.1360

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Hanzenko Anton

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