EUR/USD: Eurozone PMI beats as services surge, keeps ECB October hike in play
The source reports no EUR/USD price move, pip figure or technical levels. Eurozone September flash PMIs came in stronger than expected, led by services. The services PMI rose to 53.0, above the 51.5 forecast and the prior 51.6. Manufacturing PMI was 52.7, slightly above the 52.6 expected and unchanged from the prior 52.7. The composite PMI climbed to 53.1, beating the 51.7 consensus and the prior 52.0. The beat was largely anticipated after stronger readings in France and Germany earlier in the session. The report marks a third consecutive monthly expansion in euro area business activity. According to the headline, price pressures in the survey keep an ECB rate hike in October in play. For EUR traders, firmer activity combined with persistent price pressures supports the case for further ECB tightening. That is a fundamental backdrop supportive of the euro heading into the October meeting.
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