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Market Ignores Euro PMI Revision

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Revisions of European manufacturing PMI indices for March were released this morning. Spanish reading showed quite noticeable beat but releases from other countries, like France and Germany, were revisions and came in close to flash estimates. As a result, there was no major reaction to those on the market. EURUSD trades mostly flat on the day while European equity markets trade slightly higher on the day.

Manufacturing PMIs for March

  • Spain: 51.3 vs 50.1 expected
  • Italy: 51.1 vs 51.0 expected
  • France (final): 47.3 vs 47.7 first release
  • Germany (final): 44.7 vs 44.4 first release
  • Eurozone (final): 47.3 vs 47.1 first release

While EURUSD has seen nearly no reaction to PMI releases, the pair saw some interesting moves earlier in the day and a pin bar pattern near an important price zone can be spotted on the daily chart.

Source: xStation5

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