Eurozone: Mixed PMI numbers across the region – BBH

FXStreet (Delhi) – Research Team at BBH, suggests that with the ECB widely expected to add more stimulus at the March meeting, Eurozone data has taken on less importance.

Key Quotes

“Still, it’s worth noting that the Eurozone manufacturing PMI showed no change from the flash 52.3 reading. It matches the 12-month average, which is a little lower than the three- and six-month averages (52.8 and 52.5 respectively).

Germany’s was revised up to 52.3 from 52.1, but is still lower than December’s 53.2, and is, in fact, the lowest since October. France was unrevised to 50.0, which was down from 51.4 in December.

Spain surprised on the upside at 55.4, from 53.0 in December. It defied expectations of a decline to 52.5. Note the cyclical high was set last May at 55.8. Italy disappointed. The manufacturing PMI fell to 53.2 from 55.6. A more modest decline (~54.8) had been expected. It is the lowest since last September and snaps the momentum seen in Q4 15.”

Research Team at BBH, suggests that with the ECB widely expected to add more stimulus at the March meeting, Eurozone data has taken on less importance.

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