24 Mar 2015
Eurozone PMI complements the improving tone for the economy – BBH
FXStreet (Barcelona) - Reviewing today’s Euro area data release, the Brown Brothers Harriman Team mentions that the above consensus Eurozone composite PMI print at 54.1 complements the improving tone of the economy.
Key Quotes
“The general improving tone in the euro area continued before the ECB launched its more aggressive asset purchase program. The composite March reading was at a new cyclical higher of 54.1.”
“After a soft patch last year, the German economy has accelerated. The manufacturing PMI (flash) rose to 52.4 from 51.1. The consensus was for 51.5. Services rose to 55.3 from 54.7. This was also a bit better than expected."
“France showed a mixed picture. The manufacturing PMI rose to 48.2 from 47.6but was slightly lower than expected. The service sector slipped to 51.7 from 52.2.”
“In general, the decline in interest rates, oil, and the euro should see the regional economy gain better traction.”
“The euro has tested the $1.10 level. The post-FOMC high was set near $1.1045. Look for a break of this to signal the next leg up in what we continue to regard as corrective gains. Initial support is seen ahead of the 20-day moving average which comes in near $1.0885 now."
Key Quotes
“The general improving tone in the euro area continued before the ECB launched its more aggressive asset purchase program. The composite March reading was at a new cyclical higher of 54.1.”
“After a soft patch last year, the German economy has accelerated. The manufacturing PMI (flash) rose to 52.4 from 51.1. The consensus was for 51.5. Services rose to 55.3 from 54.7. This was also a bit better than expected."
“France showed a mixed picture. The manufacturing PMI rose to 48.2 from 47.6but was slightly lower than expected. The service sector slipped to 51.7 from 52.2.”
“In general, the decline in interest rates, oil, and the euro should see the regional economy gain better traction.”
“The euro has tested the $1.10 level. The post-FOMC high was set near $1.1045. Look for a break of this to signal the next leg up in what we continue to regard as corrective gains. Initial support is seen ahead of the 20-day moving average which comes in near $1.0885 now."