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Eurozone sentiment ticks up in May, remains downbeat overall on Middle East war
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4 itemsDESK NOTEING Economics
Eurozone sentiment ticks up in May, remains downbeat overall on Middle East war
DESK NOTEING Economics
Middle East conflict weighs more heavily on eurozone PMI in May
Eurozone PMI data for May disappointed, with ING attributing the miss to heightened Middle East conflict disrupting supply chains and dampening demand. The HCOB eurozone manufacturing PMI fell to 47.4 from 47.8, below consensus expectations of 48.0, while services PMI slipped to 53.0 from 53.5. This underscores downside risks to EUR/USD, which our aggregate consensus targets at 1.075 by year-end, with a range of 1.04-1.12. The next key catalyst is the ECB meeting on June 6, where a rate cut is priced but forward guidance will be crucial for the euro.