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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
European UnionEurozone Markit Manufacturing PMI fell to 57 in March 2022
FMPMonthlyReleased March 2022
Eurozone Markit Manufacturing PMI fell to 57 in March 2022, down 1.2 from February's 58.2 reading. The reading matched the 56 consensus. Markit Manufacturing PMI has now declined for 5 consecutive months. Over the past 3 months, Markit Manufacturing PMI averaged 58.46, vs 58.42 in the prior 3-month window. Markit Manufacturing PMI is now the lowest in 13 months.
Latest Release
57
Actual
56
Consensus
58.2
Previous
Median Absolute Error
±0.4
across last 12 releases
Last Call
Mar 2022
Predicted: 56.07
Actual: 57
Error: -0.93
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/USD | ▲ Direct | +0.50 | FOREX | Moves with | → View |
| EUR/JPY | ▲ Direct | +0.45 | FOREX | Moves with | → View |
| EUR/GBP | ▲ Direct | +0.40 | FOREX | Moves with | → View |
| DAX | ▲ Direct | +0.40 | INDEX | Moves with | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Markit Manufacturing PMI (European Union) was reported at 57.00 in March 2022. This beat the market consensus of 56.00 by 1.00. The reading fell from the previous value of 58.20. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 57.87, down from the prior three at 58.57.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with EUR/USD (Bullish EUR). A secondary relationship exists with EUR/JPY, positively correlated (Bullish EUR). Over the last 12 releases, the Sigmacast model's median absolute error is 0.40.
Auto-generated from current model state · Refreshes on each release · Last update March 2022.
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Markit Manufacturing PMI - EU
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About Markit Manufacturing PMI — European Union
DEFINITION
Markit Manufacturing PMI is a widely recognized financial indicator that measures the performance of the manufacturing sector in a particular country. It provides valuable insights into the health and growth of the economy by tracking changes in key factors such as production, new orders, employment, and supplier deliveries. This data is collected through surveys of purchasing managers in the manufacturing industry, making it a reliable and timely indicator of economic activity. Investors, policymakers, and businesses use Markit Manufacturing PMI to make informed decisions and stay ahead of market trends.
WHY THIS INDICATOR MATTERS
Sentiment surveys are forward-looking inputs that often lead hard data on output and hiring. Sharp swings can drive cross-asset repricing. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Mar 2022): actual 57, consensus 56. Prior reading (Feb 2022): 58.2. Before that (Feb 2022): 58.4.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook diverging from that direction. The 1-month and 3-month horizons disagree, suggesting a mixed signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with EUR/USD (Bullish EUR, r=0.50) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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