Eurozone Preliminary Manufacturing PMI unexpectedly drops to 43.0 in October vs. 43.7 expected

• Eurozone Manufacturing PMI fell to 43.0 in October, below estimates of 43.7.
• Bloc’s Services PMI worsened to 47.8 in October vs. 48.7 expectations.
• EUR/USD keeps losses near 1.0660 after German, Eurozone PMI reports.

The Eurozone manufacturing sector contraction worsened alongside the services sector’s in October, the latest figures from the HCOB’s latest purchasing managers index survey showed Tuesday.

The Eurozone Manufacturing Purchasing Managers Index (PMI) declined to 43.0 in October, compared with the expectations of 43.7 and below the 43.4 registered in September. The index hit a three-month low.

The bloc’s Services PMI dropped to 47.8 in October from 48.7 in September, touching a 32-month low, arriving way below the 48.7 consensus.

The HCOB Eurozone PMI Composite worsened to 46.5 in October vs. 47.4 estimated and September’s 47.2 print. The index hit a 35-month low.

FX implications

EUR/USD is extending losses to near 1.0650 after disappointing Eurozone PMIs. The spot is down 0.11% on the day, as of writing.