Eurozone Preliminary Manufacturing PMI drops to 47.1 in March

According to S&P Global Research’s most recent manufacturing activity survey, which was released on Friday, the manufacturing sector declined in the Eurozone widened in March.

The Eurozone Manufacturing Purchasing Managers Index (PMI) was 47.1 in March compared to the anticipated 49.0 and the previous reading of 48.5. A four-month low was hit by the index.

The services PMI for the bloc reached a 10-month high in March, standing at 55.6 versus predictions of 52.5 and 52.7 in February.

In March, the S&P Global Eurozone PMI Composite increased to 54.1 from estimates of 51.9 and 52.0. The measure recorded a new 10-month high.

As a result of the mixed Eurozone PMIs being released, EUR/USD is still under pressure at 1.0775. On a daily basis, the spot is losing 0.50%.