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- European session review: EUR advances, supported by stronger-than-expected Eurozone business activity data
European session review: EUR advances, supported by stronger-than-expected Eurozone business activity data
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | PSNB, bln | March | -16 | -22.5 | -28 |
| 06:00 | United Kingdom | Retail Sales (MoM) | March | 2.2% | 1.5% | 5.4% |
| 06:00 | United Kingdom | Retail Sales (YoY) | March | -3.6% | 3.5% | 7.2% |
| 07:15 | France | Manufacturing PMI | April | 59.3 | 59 | 59.2 |
| 07:15 | France | Services PMI | April | 48.2 | 46.5 | 50.4 |
| 07:30 | Germany | Services PMI | April | 51.5 | 50.8 | 50.1 |
| 07:30 | Germany | Manufacturing PMI | April | 66.6 | 65.8 | 66.4 |
| 08:00 | Eurozone | Manufacturing PMI | April | 62.5 | 62 | 63.3 |
| 08:00 | Eurozone | Services PMI | April | 49.6 | 49.1 | 50.3 |
| 08:30 | United Kingdom | Purchasing Manager Index Services | April | 56.3 | 59 | 60.1 |
| 08:30 | United Kingdom | Purchasing Manager Index Manufacturing | April | 58.9 | 59 | 60.7 |
EUR rose against most of its major rivals in the European session on Friday after the release of better-than-expected manufacturing and services PMIs from the Eurozone.
Flash data from IHS Markit revealed that the Eurozone's business activity grew more than expected in early April, with the pace of expansion accelerating to the fastest since July 2020, as a record increase of manufacturing output was accompanied by a return to growth in the service sector for the first time since August 2020.
According to preliminary estimates, the headline IHS Markit Eurozone Composite PMI rose from 53.2 in March to 53.7 in April. Economists had forecast the indicator to increase to 52.8. The IHS Markit Eurozone Manufacturing PMI jumped to a fresh record high of 63.3 in April from 62.5 in March, beating economists' forecasts of 62. Meanwhile, the IHS Markit Eurozone Services PMI rose to an 8-month high of 50.3 from 49.6 in the previous month. Economists had expected the index to come in at 49.1.
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