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February 2, 2026
Euro traded at 1.1806 against USD at 9:00 AM PST
The euro area manufacturing activity shrank at a slower pace in January as production returned to growth. The final manufacturing PMI rose to 49.5 in January from a nine-month low of 48.8 in December. The score remained below 50.0 for the third successive month in January, indicating contraction in the sector.
Manufacturing output grew for the tenth time over the past eleven months in January. New orders received by manufacturers declined for a third straight month. Likewise, new export orders decreased again. Meanwhile, job losses continued, and firms reduced their purchasing quantities. Nevertheless, business confidence improved to its highest level since February 2022.
Elsewhere, pricing power appeared to be limited amongst manufacturers, with charges broadly unchanged from the prior month despite input cost inflation accelerating to a three-year high.
Country-level data showed that expansion in France was more marked by deterioration in Germany, Italy, and Spain.
France's manufacturing sector reported its fastest growth in output in close to four years in January. The factory PMI rose to a 43-month high of 51.2 from 50.7 in December.
Germany's manufacturing activity continued to contract for 43 straight months in January. However, the final factory PMI rose to a three-month high of 49.1 in January from 47.0 in December as output returned to growth after a brief contraction in December.
Italian manufacturers reported another contraction in January, but there were signs of the downturn softening. The factory PMI climbed to 48.1 from 47.9 in December.
Spain's manufacturing PMI registered 49.2 in January, down from 49.6 in December. The score registered below the critical 50.0 mark for the second straight month. 02/02/2026 - 05:28:00 (RTTNews)
British Pounds traded at 1.3654 against USD at 9:00 AM PST
The U.K. manufacturing sector strengthened in January with growth in both output and new orders accelerating. The final manufacturing Purchasing Managers' Index rose to a 17-month high of 51.8 in January from 50.6 in December.
Manufacturing output increased for the fourth consecutive month, with the joint-quickest pace since September 2024. At the same time, new business also grew the most in almost four years.
There were further signs of the manufacturing labor market moving closer to stabilization. The rate of job loss was the weakest in the current fifteenth consecutive month of decrease. There were mild accelerations in the rates of increase in input costs and selling prices. 02/02/2026 - 05:50:00 (RTTNews)
China's manufacturing activity logged a slightly faster growth in January on higher production and new orders. The factory Purchasing Managers' Index rose to 50.3 in January from 50.1 in December. A score above 50.0 indicates expansion. Although the score remained close to neutral, the index signaled the fastest growth in three months.
Production increased at a faster pace in January, underpinned by rising new business inflows. There was a fresh rise in new export orders largely reflecting increased demand from Southeast Asia. Manufacturers lifted their staffing levels for the first time in three months in January.
Increased workforce capacity and better efficiency helped to reduce outstanding workloads. Purchasing activity increased as manufacturers purchased additional raw materials and semi-finished goods to meet business requirements. Stocks of finished goods continued to fall as finished goods were shipped out for order fulfillment.
Average input prices continued to rise in January. The rate of input cost inflation was the highest since last September. Manufacturers raised their factory gate charges for the first time since November 2024. Finally, business confidence remained positive as firms were generally hopeful that the introduction of new products and business growth plans would help to support sales and production growth in the coming twelve months. 02/02/2026 - 00:45:00 (RTTNews)
This market update is prepared by Cathay Bank for informational purposes only and does not constitute any form of legal, tax or investment advice, nor should it be considered an assurance or guarantee of future exchange rate movements or trends. This information is provided without regard to the specific objectives, financial situations or needs of any recipient. Cathay Bank does not make any representations or warranties about the accuracy, completeness or adequacy of this market update.
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