020 7898 0500Everything is relative, which is something worth bearing in mind when we look at the PMI readings from the eurozone yesterday. It is fair to say that the eurozone has been struggling of late, with several economic data releases missing forecast. Yesterday, services PMI came in slightly worse than expected at 53.8, but composite PMI met expectations at 54.1.
In Germany, services PMI also came in as expected at 52.1, while composite came in a little better than was forecast at 53.4. Elsewhere, month-over-month retail sales in the eurozone were disappointing, although year-on-year they came in as expected. The releases were enough to help the euro climb against the dollar, but it lost ground against sterling.
Today we have retail PMI from Germany and the eurozone, and we will also see construction PMI from Germany. If these releases significantly miss forecast then we might see some euro movement.
