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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
European UnionEurozone Markit Services PMI fell to 54.8 in March 2022
FMPMonthlyReleased March 2022
Eurozone Markit Services PMI fell to 54.8 in March 2022, down 0.7 from February's 55.5 reading. The reading matched the 54.2 consensus. Markit Services PMI has now declined for 3 consecutive months. Over the past 3 months, Markit Services PMI averaged 53.34, vs 55.24 in the prior 3-month window. The reading is in the 53rd percentile of the trailing 24-month range.
Latest Release
54.8
Actual
54.2
Consensus
55.5
Previous
Median Absolute Error
±0.42
across last 12 releases
Last Call
Mar 2022
Predicted: 54.42
Actual: 54.8
Error: -0.38
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Signal Bias | Action |
|---|---|---|---|---|---|
| EUR/USD | ▲ Direct | +0.50 | FOREX | Bullish EUR | → View |
| EUR/JPY | ▲ Direct | +0.45 | FOREX | Bullish EUR | → View |
| EUR/GBP | ▲ Direct | +0.40 | FOREX | Bullish EUR | → View |
| DAX | ▲ Direct | +0.40 | INDEX | Bullish EU | → View |
| XAU/USD | ▼ Inverse | −0.30 | COMMODITIES | Watch | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Markit Services PMI (European Union) was reported at 54.80 in March 2022. This beat the market consensus of 54.20 by 0.60. The reading fell from the previous value of 55.50.
WHY IT MATTERS
The indicator has been trending downward over the last three releases. The trailing three releases averaged 55.37, up from the prior three at 51.80.
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 0.42.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include ECB General Council Meeting (Jun 25) and ECB Economic Bulletin (Jun 25).
Auto-generated from current model state · Refreshes on each release · Last update March 2022.
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Markit Services PMI - EU
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About Markit Services PMI — European Union
DEFINITION
Markit Services PMI is a widely recognized financial indicator that measures the performance of the services sector in an economy. It provides valuable insights into the health and growth of the services industry by tracking changes in business activity, new orders, employment, and prices. This data is collected through surveys of purchasing managers in various service-based companies, making it a reliable and timely indicator of economic trends. Markit Services PMI is used by investors, businesses, and policymakers to make informed decisions and assess the overall economic outlook.
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 54.8, consensus 54.2. Prior reading (Feb 2022): 55.5. Before that (Feb 2022): 55.8.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind 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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Economic Calendar - EU Events
| Monday, June 29, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 08:00 | EU | Loans to Companies YoY | 3.4 | 3.6 | 3.65 | Low | |
| 08:00 | EU | M3 Money Supply YoY | 2.7 | 2.9 | 2.75 | Low | |
| 08:00 | EU | Loans to Households YoY | 3 | 3.2 | 3.15 | Low | |
| 09:00 | EU | Selling Price Expectations | 27.4 | 30 | 32.35 | Low | |
| 09:00 | EU | Industrial Sentiment | -8 | -9 | -8.50 | Low | |
| 09:00 | EU | Services Sentiment | 2.2 | -1 | -0.50 | Low | |
| 09:00 | EU | Consumer Inflation Expectation | 40.5 | 42 | 44.85 | Low | |
| 09:00 | EU | Economic Sentiment | 9.5 | 93.5 | 91.5 | 70.95 | Medium |