Eurozone: Small uptick in the manufacturing PMI – BBH

According to analysts at BBH, the small uptick in the final EMU February manufacturing PMI to 58.6 from 58.5 did practically nothing to help the euro and dispel ideas that economic momentum may have peaked at the end of last year.  

Key Quotes

“The manufacturing PMI is a full index point below the January reading, and is the second consecutive decline.  The ECB meets next week and Draghi often refers to the sentiment indicators and seems to use them as leading indicators.  The softer PMI readings may temper changes in the forward guidance, which is the focus.”