October decline takes Eurozone HCOB Composite PMI to 51.9, below the 52.7 forecast

Eurozone business activity continued to expand, but at a slower pace, as October's flash HCOB Composite Purchasing Managers' Index (PMI) slipped to 51.9 from September's 53.1. The reading fell short of the market forecast of 52.7.

The Services PMI eased from 53 to 51.7 over the period, while the Manufacturing PMI dropped from 52.9 to 52.4.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, offered this assessment of the survey: "the Eurozone economy starts the fourth quarter with businesses reporting further robust growth, the flash PMI being consistent with GDP growing at a 0.3% quarterly cadence," he noted.

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Williamson added: "While that’s below the pace enjoyed in September it is still among some of the best performances seen over the past three years,"

How is EUR/USD reacting to the Eurozone PMI data?

Following the PMI release, EUR/USD remains marginally below 1.1200, trading in negative territory as it struggles to build momentum.