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European session review: EUR eases as investors assess Eurozone’s flash May PMI readings

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomPSNB, blnApril-20.02 -24.73
07:15FranceServices PMIMay54.654.252.8
07:15FranceManufacturing PMIMay45.64646.1
07:30GermanyServices PMIMay5655.557.8
07:30GermanyManufacturing PMIMay44.54542.9
08:00EurozoneCurrent account, adjusted, bln March24.47 31.16
08:00EurozoneServices PMIMay56.255.655.9
08:00EurozoneManufacturing PMIMay45.846.244.6
08:30United KingdomPurchasing Manager Index Manufacturing May47.84846.9
08:30United KingdomPurchasing Manager Index ServicesMay55.955.555.1

EUR depreciated against most of its major rivals in the European session on Tuesday as investors digested the preliminary May PMI readings for the euro area, which showed that divergence between the region’s industrial sector and services sector is widening. 

According to S&P Global, the flash manufacturing PMI for the Eurozone dropped to 44.6 this month from 45.8 in April. That pointed to the steepest contraction in the region’s factory sector since May 2020 and disappointed economists, who had expected the indicator to rise to 46.2. 

Meanwhile, the Eurozone’s flash services PMI slipped to 55.9 in May from 56.2 in the previous month, slightly exceeding economists’ forecasts of 55.6. Despite some moderation in May, the services PMI still indicates a strong output expansion in the sector.  

Overall, the Eurozone's composite PMI declined to 53.3 in May from 54.1 in April, recording its first decrease since October 2022. Economists had forecast the index to slip to 53.7.

It is noteworthy to mention that the price components of the PMIs revealed that inflation in the service sector accelerated, keeping pressure on the European Central Bank to continue tightening.

Meanwhile, the data from the ECB revealed the region’s current account came in at a surplus of EUR45.0 billion in March, sharply up from a EUR21.4-billion surplus in February. That represented the largest surplus since March 2018 (EUR47.2 billion).

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