Eurozone Preliminary Manufacturing PMI eases to 44.6 in May vs. 46.2 expected

• Eurozone Manufacturing PMI arrives at 44.6 in May vs. 46.2 expected.
• Bloc’s Services PMI drops to 55.9 in May vs. 55.6 expected.
• EUR/USD stays depressed around 1.0800 amid mixed German and Eurozone PMIs.

The Eurozone manufacturing sector contraction deepened in May, the latest manufacturing activity survey from the HCOB showed on Tuesday.

The Eurozone Manufacturing Purchasing Managers Index (PMI) arrived at 44.6 in May vs. 46.2 expected and 45.8 previous. The index reached a three-year low.

The bloc’s Services PMI dropped to 55.9 in May vs. 55.6 consensus and April’s 56.2, hitting a 2-month low.

The HCOB Eurozone PMI Composite fell to 53.3 in May vs. 53.7 expected and 54.1 previous. The measure dipped to a three-month low.

FX implications

EUR/USD keeps losses near 1.0800 following the release of the mixed Eurozone PMIs. The spot is down 0.16% on the day.