The eurozone's final manufacturing PMI fell to 52.7 in August, below the preliminary 52.8 but above July's 51.9. The euro held near $1.1050 as traders await inflation data and the ECB's September 10 meeting.
Alpha Score of 51 reflects moderate overall profile with moderate momentum, moderate value, moderate quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
The eurozone's manufacturing sector expanded at a slightly slower pace than initially estimated in August. The final S&P Global manufacturing PMI came in at 52.7, down from the preliminary 52.8 but above July's 51.9. The second consecutive reading above 50 signals that the bloc's industrial recession has eased.
Markets had already priced the modest revision. The euro traded little changed near $1.1050 after the release. The EUR/USD profile shows the pair holding a tight range as traders await the next catalyst.
The ECB's next policy meeting is scheduled for September 10, when new staff projections will be released. The eurozone's August inflation print, due later today, is the next major input for the rate decision. Headline inflation is expected to hold near 2.2%.
Eurozone government bond yields edged lower on the day. The German 10-year Bund yield dipped 2 basis points to 2.15%. The PMI data offered no new impetus for a repricing of rate expectations.
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