020 7898 05002017 showed us that the eurozone’s economy was in recovery mode and yesterday reaffirmed that notion, as data from a range of sectors came in better than expected. Markit services and composite PMI for the eurozone came in at 58 and 58.8 respectively, against expectations of 57.6 and 58.6 Any figure above 50.0 shows growth, so the picture looks pretty healthy.
In Germany, services and composite was 57.3 and 59, when 57 and 58.8 had been forecast. However, these readings could not help prevent the euro sliding against the dollar which is having a decent few days for the first real time in 2018. The single currency did climb higher against the pound, but this was likely down to reports that the UK will not be part of any customs union when withdrawing from Europe.
Today we have factory orders from Germany for December and we will also see the eurozone’s retail PMI for January. Finally, we will see construction PMI for Germany.
