Purchasing Manufacturing Index figures for the month of April have been announced in the Eurozone and in Germany, Eurozone’s biggest economy. The announced figure in Germany was at 62 beating the 61.7 value the market speculated an also March’s 60.9 figure. Similarly in the Eurozone a 58 figure was announced which was slightly higher than the 57.7 market speculation and March’s 57.5. No major volatility was developed at the point of announcement.
The Manufacturing Purchasing Managers Index shows business conditions in the manufacturing sector. It is an important indicator of production growth in Switzerland. A reading above 50 is associated by hawkish behavior of the currency while under 50 with bearish.