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- European session review: EUR mixed after Eurozone's data on manufacturing activity, inflation
European session review: EUR mixed after Eurozone's data on manufacturing activity, inflation
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Nationwide house price index, y/y | May | 7.1% | 9.2% | 10.9% |
| 06:00 | United Kingdom | Nationwide house price index | May | 2.3% | 0.8% | 1.8% |
| 06:30 | Switzerland | Retail Sales (MoM) | April | 22.1% | -4.4% | |
| 06:30 | Switzerland | Retail Sales Y/Y | April | 23.1% | 35.7% | |
| 07:00 | Switzerland | Gross Domestic Product (YoY) | Quarter I | -1.6% | -0.2% | -0.5% |
| 07:00 | Switzerland | Gross Domestic Product (QoQ) | Quarter I | 0.3% | -0.5% | -0.5% |
| 07:30 | Switzerland | Manufacturing PMI | May | 69.5 | 70 | 69.9 |
| 07:50 | France | Manufacturing PMI | May | 58.9 | 59.2 | 59.4 |
| 07:55 | Germany | Manufacturing PMI | May | 66.2 | 64 | 64.4 |
| 07:55 | Germany | Unemployment Change | May | 8 | -9 | -15 |
| 07:55 | Germany | Unemployment Rate s.a. | May | 6% | 6% | 6% |
| 08:00 | Eurozone | Manufacturing PMI | May | 62.9 | 62.8 | 63.1 |
| 08:30 | United Kingdom | Purchasing Manager Index Manufacturing | May | 60.9 | 66.1 | 65.6 |
| 09:00 | Eurozone | Unemployment Rate | April | 8.1% | 8.1% | 8% |
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | May | 0.7% | 0.8% | 0.9% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | May | 1.6% | 1.9% | 2% |
| 09:00 | Eurozone | Harmonized CPI | May | 0.6% | 0.3% |
EUR traded mixed against its major rivals in the European session on Tuesday after the data showed that the Eurozone's manufacturing sector saw a new record improvement in operating conditions during May, while the region’s consumer price inflation hit the European Central Bank's (ECB) "just-below-2%-target" for the first time since 2018.
IHS Markit reported its Eurozone Manufacturing PMI was revised to 63.1 in May, up from a preliminary of 62.8 and above 62.9 in April. The reading pointed to fresh record growth in factory activity.
According to Eurostat's preliminary estimate, the euro area annual inflation rate accelerated to 2.0 percent last month from 1.6 percent in April. This was the highest reading since October 2018 and topped the ECB’s preferred target of "just below 2%" and economists' forecast of 1.9 percent.
Despite a spike in consumer prices in May, market participants do not expect it will cause a change in the ECB's monetary policy next week. The ECB's policymakers have continued to say that a surge in inflation is expected due to base effects and temporary factors and that CPI may even exceed the bank's target by the end of the year.
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