EUR: Eurozone manufacturing PMI grows at fastest rate for 17 years

Impressive as the UK manufacturing PMI was, the eurozone’s reading showed the fastest rate of growth for 17 years. From 58.5 in October, it was expected to hit 60, but it actually came in at 60.1. Germany – the eurozone’s largest economy – also reported impressive strength, as there’s came in as expected at 62.5.

The euro managed to make some very slight gains against sterling, but last week was certainly the pound’s. The single currency did strengthen against the dollar, but the gains were very marginal – the euro could even have ended the day down against the greenback had it not been for the news surrounding Flynn pleading guilty.

It is a quiet start to the week for the eurozone, although European Central Bank President Mario Draghi is set to give a speech later. Tomorrow we have the retail sales, as well as the services and composite PMI figures for the eurozone and Germany. Thursday is the main day, as we’ll see the GDP growth rate across the eurozone, while Friday sees the October balance of trade report from Germany.