Market News & Analysis
Good news keeps on rolling in for the buck
April 18, 2019 10:55 PM
EZ manufacturing still stuck in a rut
Over in Europe the Dax remained buoyant but the euro took a hit falling back to a low of $1.1236 as data showed that Europe’s manufacturing sector remains stuck in a rut.
The German manufacturing pmi edged higher to 44.5, up from 44.1, but still below forecasts of 45. The French manufacturing pmi also missed expectations falling to 49.6 from 49.7. For the bloc as a whole, manufacturing pmi rose slightly to 47.8 although missing expectations. 50 separates expansion from contraction.
Investors who were hoping for the pmi data to show that the slowdown in the eurozone was bottoming out will be disappointed. Whilst these figures do show some signs of improvement, the overall outlook for manufacturing remains deeply concerning, with output continuing to contract at a remarkable rate. There were some bright spots to the data; for example, the German service sector which remains resilient despite a weakening manufacturing picture.
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