S&P Global Construction PMI comes in at 43

The S&P Global Construction PMI for the Eurozone was released today, showing an actual figure of 43. This reading marks a decline from the previous month’s figure of 44.3. No consensus estimate was available for comparison with this release.

Following the release, market reaction across EUR pairs has been generally subdued. EURAUD moved -1.0 pips 15 minutes after the print, while EURCAD saw a +0.9 pip change. EURCHF declined by -4.5 pips, and EURGBP was down -0.3 pips. EURJPY registered a -0.8 pip move. EURNZD showed a +6.5 pip increase, and EURUSD moved -0.6 pips. These measured moves are generally small when compared to the typical 1-hour moves observed after past releases. For instance, EURUSD typically sees a median 1-hour move of 7 pips, and EURAUD a median 1-hour move of 11 pips.