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Eurozone HCOB Composite PMI falls to 51.9 in October, below the 52.7 forecast
The Eurozone’s HCOB Composite Purchasing Managers' Index (PMI) fell from 53.1 in September to 51.9 in October’s flash estimate, below the market forecast of 52.7. The reading indicated that business activity continued to expand, but at a slower pace.
The Manufacturing PMI eased from 52.9 to 52.4 over the same period, alongside a drop in the Services PMI from 53 to 51.7.
Commenting on the survey results, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, noted that "the Eurozone economy starts the fourth quarter with businesses reporting further robust growth, the flash PMI being consistent with GDP growing at a 0.3% quarterly cadence,"
Williamson added: "While that’s below the pace enjoyed in September it is still among some of the best performances seen over the past three years,"
EUR/USD remains under pressure after Eurozone PMI release
Following the PMI release, EUR/USD remains in negative territory just below 1.1200, struggling to find upward momentum.
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