Euro Zone PMI Manufacturing (SEP)
The Euro Zone purchasing managers index for the manufacturing sector confirmed its September flash estimate this morning. A string of disappointing regional numbers for the same period, ushered the EZ report to 53.2 from 54.3 reported the month before. Last month's reading is the weakest at least since records began in March of 2006. From the larger European economies' reports, the underlying current for the weakness was evident. Both the French and German indexes reported considerable declines for the the month due to a big drop in new orders. The summary breakdown for the regional report oddly enough didn't reveal the same decline in orders. In fact, those reporting an increase in new orders actually grew since August. The primary weights on the overall indicators were a 0.6 point dip in output, a 2.4 point slip in backlogs, 1.4 point decline in quantity of purchases and 0.9 point drop in new export orders. This indicator may offer evidence that the factory sector's contribution to growth will be secure as the credit freeze works itself out and the US economy cools.
In the minutes after the PMI numbers dotted the calendar, EURUSD was hardly moved around 1.4220 after an earlier downdraft worked off bearish sentiment.