The 18-bloc euro remained lower against the US dollar on Monday. The currency bloc released a set of manufacturing data for February as the largest economy in region, Germany; released its final manufacturing data for February, showing that activity in the country contracted compared to the previous month.
Germany’s final manufacturing Purchasing Managers’ Index (PMI) dropped to 54.8 in February, compared to the previous reading of 56.5 seen in January and slightly lower than analysts forecast of 54.7.
The euro traded 0.15% lower to $1.3778 against the greenback at the time of writing after rising to its highest level since Dec 27 in the previous session. The euro was dragged lower by the turmoil between Ukraine and Russia.
Market analysts are focusing on the upcoming European Central Bank meeting scheduled for Thursday, where policymakers of the central bank will assemble. The ongoing crises in Ukraine is expected to weigh on the market through the week.
Euro – Final PMIs
In France, the manufacturing activity came in slightly higher in February, climbing to 49.7 points, compared to the previous reading of 49.3 recorded in January.
While Spain’s manufacturing sector grew higher than expected in February, staying in the expansion territory for the third consecutive month. The PMI climbed to 52.5 points in February, slightly picking up from the previous reading of 52.2 seen in January and higher than analysts forecast of 52.0 points.
In Italy, the country’s manufacturing sector dropped beyond expectation in February, with the final PMI declining to 52.3 points, compared to the previous reading of 53.1 points recorded in January.
As for Germany, eurozone’s strongest economy; slowed down their activity in February, compared to the previous month but remained in expansion territory for the eighth month in a row. Germany’s final PMI came in at 54.8 points in February, compared to 56.5 recorded in the previous month.
The eurozone’s final manufacturing PMI declined beyond expectation, dropping to 53.2 points in February, down from 54.0 seen in January.
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