• Eurozone Manufacturing PMI arrives at 45.5 in April vs. 48.0 expected.
• Bloc’s Services PMI climbs to 56.6 in April vs. 54.5 expected.
• EUR/USD recovers ground above 1.0950 despite the mixed Eurozone PMIs.

The Eurozone manufacturing sector activity unexpectedly contracted further in April, the latest manufacturing activity survey from S&P Global research showed on Friday.

The Eurozone Manufacturing Purchasing Managers Index (PMI) arrived at 45.5 in April vs. 48.0 expected and 47.3 previous. The index reached a 35-month low.

The bloc’s Services PMI advanced to 56.6 in April vs. 54.5 forecasts and March’s 55.0, hitting a 12-month high.

The S&P Global Eurozone PMI Composite jumped to 54.4 in April vs. 53.7 expected and 53.7 previous. The measure recorded a new 11-month high.

FX implications

EUR/USD erases losses to trade at 1.0965 following the release of the mixed Eurozone PMIs.