| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | Germany | Gfk Consumer Confidence Survey | August | -21.6 | -21 | -18.4 |
| 07:30 | Germany | Manufacturing PMI | July | 43.5 | 44 | 42.6 |
| 07:30 | Germany | Services PMI | July | 53.1 | 53.1 | 52 |
| 08:00 | Eurozone | Services PMI | July | 52.8 | 53 | 51.9 |
| 08:00 | Eurozone | Manufacturing PMI | July | 45.8 | 46.1 | 45.6 |
| 08:30 | United Kingdom | Purchasing Manager Index Manufacturing | July | 50.9 | 51.1 | 51.8 |
| 08:30 | United Kingdom | Purchasing Manager Index Services | July | 52.1 | 52.5 | 52.4 |
EUR declined against most of its major rivals in the European session on Wednesday, as investors digested Eurozone’s flash PMI figures, which showed business activity in the region’s private sector unexpectedly slowed further this month, pointing to a near-stagnation.
According to S&P Global/Hamburg Commercial Bank’s preliminary estimates, the Eurozone Composite Purchasing Managers’ Index (PMI) fell from 50.9 in June to 50.1 in July. The latest reading pointed to the weakest expansion in the euro area private sector activity since a contraction in February. Economists had forecast the indicator to rise to 51.1.
The details of the survey revealed that the underwhelming performance of the composite index reflected slower growth in the services sector (51.9, down from 52.8 in June) and deeper contraction in manufacturing (45.6, down from 45.8)
After the release of the latest PMI figures, markets increased bets on policy easing from the European Central Bank this year. According to Bloomberg, markets now see nearly a 92% probability the two more rate decreases will be approved by the ECB by the end of 2024 compared to around 88% before the release.