Latest data from Markit/BME - 21 February 2020

  • Prior 45.3
  • Services PMI 53.3 vs 53.8 expected
  • Prior 54.2
  • Composite PMI 51.1 vs 50.7 expected
  • Prior 51.2

A solid beat in the manufacturing reading and that will give the euro something to cheer about after a poor run of recent economic data.

Markit also notes that the coronavirus epidemic is having a "fairly limited" impact on manufacturing production disruption and supply issues and that is definitely positive news if the virus can be contained within the realms of Q1 2020.

The services sector dip takes some shine off the report here but this is the sort of good news the euro needed and it may well be a turning point (or at least doesn't damage risk appetite any more than what we're seeing) for risk as well today.