Eurozone Composite PMI hits 52.0 in July, marking the first expansion in business activity since March and boosting the euro.
EUR/CAD climbed to 1.6240 during European trading hours Wednesday, extending a rally fueled by stronger-than-expected PMI data. The Eurozone Composite PMI rose to 52.0 in July from June’s 50.0, signaling the first expansion in regional business activity since March and the sharpest growth in eight months.
The services sector drove the rebound, with the Eurozone Services PMI jumping to 51.7 from 49.4 in June, ending a three-month contraction. Germany’s Composite PMI also returned to growth at 51.3, while its Services PMI edged up to 49.8, nearing stabilization.
Analysts noted divergence within the Eurozone, with Italy and Spain reporting PMIs of 52.5 and 58.3, respectively, both exceeding expectations. The data underscores uneven economic momentum amid geopolitical tensions.