Eurozone Manufacturing PMI declines to 57 in March vs. 56 expected

• Eurozone PMI declined in early March but came in higher than expectations.
• EUR/USD continues to fluctuate around 1.1000 after the data.

Manufacturing PMI in the eurozone edged lower to 57 in early March from 58.2 in February, the data published jointly by IHS Markit and S&P Global showed on Thursday. This print came in better than the market forecast of 56.

Further details of the report revealed that the Services PMI declined to 54.8 from 55.5 and the Composite PMI fell to 54.5 from 55.5. Both of these readings surpassed analysts’ estimates.

Commenting on the data, “the survey data underscore how the Russia-Ukraine was is having an immediate and material impact on the eurozone economy and highlights the risk of the eurozone falling into decline in the second quarter, said Chris Williamson, Chief Business Economist at S&P Global. 

Market reaction

EUR/USD continues to trade in a relatively tight range near 1.1000 after these data.