The report from S&P Global/CIPS printed at 52.1 rather than the 52.2 of earlier estimates, continuing to signal the lowest growth in factory activity since June 2020. The Pound (GBP) rose against the majority of its peers at the beginning of the week in spite of downbeat PMI data, which revealed that manufacturing activity in July expanded by less than expected. Pound (GBP) Exchange Rates Trend Up Overall despite Finalised Manufacturing PMI Firms reported the sharpest decline in new orders since the Eurozone’s sovereign debt crisis in 2012, excepting certain instances during the pandemic. Also weighing upon the single currency was July’s finalised manufacturing PMI, which showed that factory activity contracted in the Eurozone last month.Īccording to S&P Global’s PMI, factories recorded the sharpest drop in production since the initial wave of Covid lockdowns in May 2020. The report buoyed Euro sentiment: but investors were unable to shake off headwinds entirely. ‘The difference between the nominal and real results reflects the high price increases in retail,’ commented analysts ‘ having a noticeable impact on consumer confidence.’Įlsewhere, the Euro area’s latest jobs report marked another record release as unemployment remained unchanged for the second consecutive month.Ī year earlier, the jobless rate was much higher at 7.9% in June 2022, the lowest unemployment rate was in Germany at 2.8% and the highest in Spain at 12.6%. The Office for Statistics clarified that nominally, sales only fell by 0.8% - but this figure increased when adjusted for rising prices. According to the federal Statistical Office, a general price increase weighed upon affordability and cut spending across the board: year-on-year, retail sales fell by the largest amount since 1994. In the bloc’s largest economy, retail sales fell by 1.6% in June – rather than climbing by 0.2% as expected. The Euro (EUR) traded in a mixed range against its peers on Monday morning as investors digested weaker-than-expected German sales data alongside an upbeat Eurozone jobs report. Euro (EUR) Exchange Rates Waver as EU Data Prints Mixed Capping downside in the exchange rate was weaker-than-expected UK data, which revealed that manufacturing activity in July expanded by less than originally thought.Īt the time of writing, GBP/EUR was trading at A$1.1937, up 0.3% from today’s opening levels. The Pound Euro (GBP/EUR) exchange rate trended up on Monday morning as German retail sales printed below expectations.

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