The latest Purchasing Managers Index (PMI) survey from HCOB, published on Thursday, indicates a mixed picture for the Eurozone’s economic landscape in October. While the manufacturing sector’s contraction eased, the services sector showed further deterioration.
The Eurozone Manufacturing PMI rose to 45.9 in October, up from 45.0 in September and surpassing expectations of 45.1. This marks a rebound to a five-month high for the manufacturing sector.
In contrast, the Services PMI fell to 51.2 in October, down from 51.4 in September. This reading was below the market consensus of 51.6 and represents an eight-month low.
The HCOB Eurozone PMI Composite experienced a slight improvement, reaching 49.7 in October, matching expectations and showing a modest increase from September’s 49.6. This figure marks a two-month high.
Market Reaction: EUR/USD Gains Ground
Following the release of the mixed Eurozone PMI data, the EUR/USD pair climbed back above the 1.0800 mark, registering a daily increase of 0.18%.
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