France S&P Global Manufacturing PMI comes in at 51.5 against 50.1 consensus

The France S&P Global Manufacturing PMI for August was released at 51.5, surpassing the consensus estimate of 50.1. This represents a 2.8% positive surprise compared to expectations. The previous month’s reading stood at 49.8, indicating a shift from contraction to expansion in the manufacturing sector, as the current figure is above the 50-point threshold.

Measured market reaction across EUR pairs has been relatively subdued in the 15 minutes following the release. EURUSD initially gained +1.3 pips after 5 minutes, then settled at –2.5 pips after 15 minutes. EURAUD moved +1.1 pips at 5 minutes, then –4.9 pips at 15 minutes. Other pairs like EURCAD, EURCHF, EURGBP, EURJPY, and EURNZD generally showed small declines by the 15-minute mark, ranging from –3.0 pips for EURGBP to –11 pips for EURNZD. These observed moves are small when compared to historical volatility, as the median 1-hour moves for these pairs typically range from 8 pips for EURCHF and EURGBP to 17 pips for EURNZD.