| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:30 | Germany | Manufacturing PMI | September | 42.4 | 42.4 | 40.3 |
| 07:30 | Germany | Services PMI | September | 51.2 | 51 | 50.6 |
| 08:00 | Eurozone | Services PMI | September | 52.9 | 52.4 | 50.5 |
| 08:00 | Eurozone | Manufacturing PMI | September | 45.8 | 45.6 | 44.8 |
| 08:30 | United Kingdom | Purchasing Manager Index Manufacturing | September | 52.5 | 52.5 | 51.5 |
| 08:30 | United Kingdom | Purchasing Manager Index Services | September | 53.7 | 53.5 | 52.8 |
EUR declined against other major currencies in the European session on Monday as investors digested the preliminary purchasing managers' indicators (PMIs) for the eurozone, which unexpectedly showed a contraction in business activity in the region’s private sector.
S&P Global reported its flash Eurozone сomposite PMI fell from 51.0 in August to 48.9 in early September. This was the first time in seven months that business activity in the region decreased. Economists had forecast the indicator to come in at 50.6, remaining in expansion territory (a print above 50 suggests expansion, while a figure below that implies contraction).
According to the report, the underwhelming performance of the сomposite indicator reflected a deeper downturn in the eurozone manufacturing sector (to 44.8, down from 45.8 in August) and a slower expansion in the eurozone services sector (to 50.5, down from 52.9 in the previous month).
It should be noted that the September PMI readings for Germany and France - the euro area’s largest and second-largest economies - indicated shrinkage in business activity in both manufacturing and services industries - a worrisome signal for markets.
The euro area’s disappointing preliminary PMIs heightened concerns about the region’s growth and increased speculations that the European Central Bank will need to quicken the pace of its interest-rate decreases to support the economy.