Italy S&P Global Manufacturing PMI comes in at 51.3 against 53.1 consensus

Italy’s S&P Global Manufacturing PMI was released at 51.3. This figure came in below the consensus estimate of 53.1 and was also lower than the previous reading of 52.2. The actual print represented a -3.4% surprise compared to the consensus forecast.

Following the release, the Euro saw varied movements against major currencies. Fifteen minutes after the data, EURAUD was up +3.7 pips, EURCAD was up +1.9 pips, EURGBP was up +2.5 pips, EURJPY was up +4.7 pips, and EURNZD was up +4.7 pips. EURCHF was down -0.6 pips, and EURUSD was up +0.2 pips. These measured moves are currently small when compared to the typical 1-hour median moves observed after past releases, such as EURAUD’s median of 12 pips or EURUSD’s median of 8 pips.