020 7898 0500The eurozone continues to grow faster than the UK according to Markit’s release of their composite PMI. From 55.7 in August it jumped to 56.7 in September, which is the fastest growth for four months. However, in terms of currency movements it was yet another mixed day for the euro has it made gains against the US dollar but slid a little against sterling.
Eurozone retail sales unexpectedly fell by 0.5% in August against an expectation of a 0.3% gain. This represents the biggest drop in retail trade since October 2015. Meanwhile, German services PMI came in as expected at 55.6, from 53.5 the month before.
Later today the European Central Bank will meet to discuss monetary policy. It will be interesting to see whether President Mario Draghi follows Mark Carney and Janet Yellen by hinting at an interest rate rise in the future.
