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European session review: EUR trades mixed following Eurozone’s flash PMIs

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomRetail Sales (MoM)March1.1%-0.5%-0.9%
06:00United KingdomRetail Sales (YoY) March-3.3%-3.1%-3.1%
07:15FranceServices PMIApril53.953.456.3
07:15FranceManufacturing PMIApril47.347.845.5
07:30GermanyServices PMIApril53.753.355.7
07:30GermanyManufacturing PMIApril44.745.744
08:00EurozoneManufacturing PMIApril47.34845.5
08:00EurozoneServices PMIApril5554.556.6
08:30United KingdomPurchasing Manager Index Manufacturing April47.948.546.6
08:30United KingdomPurchasing Manager Index ServicesApril52.952.954.9

EUR traded mixed against other major currencies in the European session on Friday as investors digested the Eurozone’s preliminary PMIs for April, which indicated that the divergence between the region’s manufacturing and services sectors increased further. 

The single European currency weakened versus USD and JPY, and firmed versus AUD, CAD and GBP.

The S&P Global reported its flash eurozone manufacturing PMI decreased to 45.5 this month from 47.3 in March. The reading pointed to the steepest contraction in the manufacturing sector since May 2020. Economists had predicted the indicator to come in at 48.0. Meanwhile, the Eurozone Services PMI increased to 56.6 in April from 55.0 in the previous month, exceeding economists' forecast of 54.5. The latest figure pointed to the strongest expansion in the services sector since April 2022. 

The report highlighted the growing divergence between the manufacturing and services sectors in the euro area. According to it, the outperformance of services relative to manufacturing was the widest one seen since early-2009.

Another noteworthy point was inflation, the trends of which also demonstrated a marked variation by sector. In the goods-producing sector, input costs decreased for a second straight month and at the sharpest rate since May 2020. In the service sector, input costs continued to rise sharply, the rate of increase remaining elevated. As for prices charged, manufacturing charges advanced modestly, registering the smallest increase since November 2020. Service sector charge inflation hit a 15-month low but remained especially strong.

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