News Update: Eurozone Manufacturing & Services PMI Releases
Arslan Butt • 1 min read
The Euro is finally gaining bullish momentum in the wake of positive economic events. Here’s a quick update:
French Flash Services PMI – At 52.7 in August, the Markit Flash France Composite Output Index rose from 51.9 in July, signaling an acceleration in private sector output growth. The solid rise was primarily supported by service providers, who registered a fifth successive monthly increase in business activity.
French Flash Manufacturing PMI – Whereas. the Manufacturing PMI also turned positive, surging from 49.7 to 51. It’s not only better than before but has also crossed the threshold of 50.
German Flash Manufacturing PMI – German economy continued to underperform in August, the latest flash PMI data showed. Growth of service sector business activity was again countered by a marked fall in goods production, while overall job creation slipped to a five-year low.
Overall the figure remained 43.6 below 50 but was better than the 43.1 forecast.
For now, the single currency is getting stronger and we may see some bullish price action in EUR/USD once it breaks out of 1.1110 resistance area. Next target can be 1.1135 today.