Euro Skyrockets Amid Surprising European Services PMI News

Just now, Markit released a string of services PMI and, surprisingly, all of them did exceptionally well. Here’s a quick update:

Spanish Services PMI – Spain’s service sector enjoyed its solid month in terms of activity extension for over a year during March. Strong domestic demand conditions helped to drive new work higher. The services PMI jumped to 56.8 vs. 54.5.

Italian Services PMI – Business activity in Italy’s service division expanded at the fastest pace since September 2018 in March. The PMI figure rose to 53.1 beating 50.9 forecast.

French Final Services PMI rose to 49.1 vs. 48.7. I must say it’s a pretty nice improvement considering all the financial crises France is facing.

German Final Services PMI – Germany’s service sector recorded another month of robust growth in March, according to the latest PMI survey, with the report attributing the upturn to resilient domestic demand. Germany also surprised with 55.4 vs. 54.9 forecast.