HCOB Services PMI

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The PMI service released by the S&P Global and Hamburg Commercial Bank (HCOB) is an indicator of the economic situation in the Eurozone services sector. It captures an overview of the condition of sales and employment. It is worth noting that the European service sector does not influence, either positively or negatively, the GDP as much as the PMI manufacturing does. Any reading above 50 signals expansion, while a reading under 50 shows contraction. Usually, a result above 50 is bullish for the EUR, whereas a result below 50 is seen as bearish.