Eurozone data recap: PMIs soft overall - Scotiabank

Analysts at Scotiabank explained that the Eurozone data were soft overall overnight.

Key Quotes:

"German factory orders rose 0.3% in Feb (versus +1.5% expected) while PMI data was broadly disappointing last month. French services and composite PMIs were revised modestly higher but German data were trimmed and Italian figures were below expectations, prompting a modest downward revision to final Eurozone services and composite data to 54.9 and 55.2 respectively."

"Eurozone retail sales rose 0.1% in the month versus 0.5% expected. Soft data may pin the EUR back towards the lower end of its trading range but we think the economy is decelerating from elevated levels and we look for the EUR to remain well-supported on dips."