European session review: EUR appreciates, powered by Eurozone private sector's activity data for March
07.04.2021, 11:36

European session review: EUR appreciates, powered by Eurozone private sector's activity data for March

TimeCountryEventPeriodPrevious valueForecastActual
07:50FranceServices PMIMarch45.647.848.2
07:55GermanyServices PMIMarch45.750.851.5
08:00EurozoneServices PMIMarch45.748.849.6
08:30United KingdomPurchasing Manager Index ServicesMarch49.556.856.3

EUR rose against most of its major counterparts in the European session on Wednesday following stronger-than-expected Eurozone private sector's activity data for March. 

IHS Markit reported that the Eurozone's private sector economy returned to growth during March, supported by a record increase in manufacturing output. The IHS Markit Eurozone PMI Composite Output Index rose to 53.2, up from 48.8 in February and a flash estimate of 52.5. This was the highest reading since July 2020. Economists had forecast the indicator to be unrevised at 52.5. Manufacturing production grew by the most in nearly 24 years of data collection, while services output fell at the slowest rate in the current seven-month sequence of contraction. Supporting the improvement in overall Eurozone private sector activity was an increase in new orders. Overall, new sales rose at the fastest pace in two-and-a-half years, with new export business rising at the strongest rate in over six-and-half years of data collection. Backlogs of unfinished business posted a gain for the first time since November 2018, while employment growth accelerated to the greatest degree since June 2019. However, a surge in output prices intensified concerns for near-term inflation. According to IHS Markit, output price inflation accelerated during March to its strongest since the start of 2019.

Investors also digested comments by the European Central Bank's board member Klaas Knot, who said that the Eurozone's economy is on course for a robust recovery in the second half of the year that could allow the ECB to start phasing out its emergency bond purchases in the third quarter.

Elsewhere, French finance minister Le Maire said he expects a quick economic rebound and a return to pre-pandemic growth in 2022.

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