The EUR/GBP pair extended its losses for the third day in a row, although it remains confined within a narrow range, roughly between 0.8700 and 0.8740, following a series of downbeat industrial activity data releases in the Eurozone and the UK.
The final HCOB manufacturing PMI for the euro zone revealed that sector activity contracted faster than expected in December. The final reading was revised to 48.8 from the initial estimate of 49.2 in December. These figures follow the reading of 49.6 seen in November and 50.0 in October, and highlight the lower contribution of manufacturing activity to the region’s GDP.
Germany’s final PMI data was revised to 47.0, from an initial estimate of 47.7, and from a November reading of 48.2. Likewise, Italy’s PMI weakened to 47.9 in December, from 50.6 in November, while manufacturing activity in Spain fell into contraction, at 49.6 from a level of 51.5 the previous month. The only positive reading was France’s activity, which rose to 50.7 from 50.6 in November.
In the UK, the final US dollar global manufacturing PMI was also revised downward, although in this case, to levels that reflect a slight expansion in sector activity. The final reading for December remained at 50.6, down from the previous reading of 51.2, and also higher than November’s reading of 50.2.
Economic indicator
S&P Global Manufacturing PMI
The Manufacturing Purchasing Managers’ Index (PMI) is released on a monthly basis by Standard & Poor’s Globalis a leading index that measures business activity in the UK manufacturing sector. Data are drawn from surveys of senior executives at private sector companies. Survey answers reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as GDP, industrial production, employment and inflation. The index ranges between 0 and 100, and levels of 50.0 indicate no change compared to the previous month. A reading above 50 indicates that the industrial economy is generally expanding, which is a bullish signal for the British pound. Meanwhile, a reading below 50 indicates that activity among commodity producers is generally declining, which is bearish for the pound.
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Latest version:
Friday 02 January 2026 at 09:30
repetition:
monthly
actual:
50.6
consensus:
51.2
former:
51.2
source:
Standard & Poor’s Global
Economic indicator
HCOB Manufacturing PMI
Manufacturing Purchasing Managers’ Index (PMI), released on a monthly basis by S&P Global and S&P Global Hamburg Commercial Bank (HCOB)is a leading indicator that measures business activity in the manufacturing sector in the euro area. Data are drawn from surveys of senior executives in private sector companies from the manufacturing sector. Survey answers reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as GDP, industrial production, employment and inflation. The index ranges between 0 and 100, and levels of 50.0 indicate no change compared to the previous month. A reading above 50 indicates that the industrial economy is generally expanding, which is a bullish signal for the euro. At the same time, a reading below 50 indicates that activity among commodity producers is generally declining, which is bearish for the euro.
Read more.
Latest version:
Friday 02 January 2026 at 09:00
repetition:
monthly
actual:
48.8
consensus:
49.2
former:
49.2
source:
Standard & Poor’s Global
