Data released at the start of the European session on Friday, February 20, showed improvement in most services and manufacturing PMI indicators for the Eurozone and the UK in February. The Eurozone services PMI rose to a two-month high of 51.8 in February, compared to 51.6 in January (expected 51.9). Meanwhile, the manufacturing PMI climbed to a 44-month high of 50.8, up from 49.5 in January (expected 49.9).

Specifically, the French services PMI rose to 49.6 in February, compared to 48.4 in January, marking its highest reading in two months (expected 49.1). The manufacturing PMI also rose to 49.9 in February, its highest reading in three months, compared to 51.2 in December (expected 50.9).

From Germany, the services index rose to a four-month high of 53.4 in February, compared to 52.4 in January, exceeding expectations of 52.4. The manufacturing index also climbed to 50.7, compared to January’s reading of 49.1, its highest level in 44 months (expectations were for 49.6).

Data from the UK also showed positive performance, with the manufacturing index exceeding expectations in February at 52.0, its highest level in 18 months, compared to January’s reading of 51.8. Conversely, the services index fell to a two-month low of 53.9, compared to January’s reading of 54.0 (expectations were for 53.5).