The final manufacturing PMI figures for the eurozone saw a meager0.1 point increase in January. Data from IHS Markit showed that the PMI in the manufacturing sector rose from 47.8 to 47.9.
Despite the small increase, the manufacturing sector remains in contraction.
Regionally, Germany’s manufacturing sector was also weaker, with only the French manufacturing PMI staying afloat the 50-level on the index.
EUR/USD Pares Gains from Last Week
The currency pair slipped sharply in the early trading session on Monday. Failing to capitalize on the gains after closing at 1.1095, the common currency gave up the gains easily.
The EURUSD is trading below the 1.1072 level. If resistance forms here, we expect the downside momentum to build up.
