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A flash diffusion index combining manufacturing and services survey responses across the euro area; 50 separates growth from contraction.
| Published by | S&P Global / HCOB |
|---|---|
| Country | Euro Area |
| Currency affected | EUR |
| Release frequency | Monthly |
| Usual release time | 08:00 GMT (UTC+00:00) |
| Impact rating | Medium impact |
| Typical volatility | 25-50 pips on EUR/USD inside the first 30 minutes |
The Eurozone Composite PMI (Flash) is released monthly by S&P Global / HCOB, usually at 08:00 GMT (UTC+00:00). These are the dates inside our calendar window.
The flash release lands weeks before hard data and is the timeliest read on euro-area momentum.
France and Germany print first, so the euro often moves before the aggregate is published.
Typical volatility around the release is 25-50 pips on EUR/USD inside the first 30 minutes. That is an average, not a limit: when the figure lands far from consensus, or when it contradicts the central bank's own guidance, the move can be several times larger and can extend for the rest of the session.
| Pair | Why it reacts |
|---|---|
| EUR/USD | Growth-differential trade. |
| EUR/GBP | Relative-survey trade against the UK PMIs. |
| EUR/CHF | Periphery-risk sensitive. |
Surprise is the released figure minus the consensus forecast, in the units of the release. Green means the figure printed above consensus, red below.
| Release date | Period | Previous | Forecast | Actual | Surprise |
|---|---|---|---|---|---|
| 22 Jul 2026 | Jun 2026 | 51.0 | 51.3 | 51.1 | -0.2 |
| 22 Jun 2026 | May 2026 | 52.0 | 51.1 | 51.0 | -0.1 |
| 23 May 2026 | Apr 2026 | 49.8 | 52.4 | 52.0 | -0.4 |
| 23 Apr 2026 | Mar 2026 | 49.6 | 50.3 | 49.8 | -0.5 |
| 24 Mar 2026 | Feb 2026 | 50.0 | 49.2 | 49.6 | +0.4 |
| 22 Feb 2026 | Jan 2026 | 50.4 | 49.7 | 50.0 | +0.3 |
| 23 Jan 2026 | Dec 2025 | 49.9 | 50.2 | 50.4 | +0.2 |
| 24 Dec 2025 | Nov 2025 | 52.0 | 50.1 | 49.9 | -0.2 |
S&P Global / HCOB publishes the Eurozone Composite PMI (Flash) for Euro Area. It is released monthly, typically at 08:00 GMT (UTC+00:00).
We rate this release medium impact. In our sample the typical move is 25-50 pips on EUR/USD inside the first 30 minutes, though a large deviation from consensus can produce considerably more.
EUR/USD, EUR/GBP, EUR/CHF carry the cleanest reaction. Growth-differential trade.
No. The currency reaction depends on how the figure changes the expected path of interest rates, not on whether the headline is high or low. The same surprise can be read very differently depending on the central bank's current stance.