Data on business activity (PMI) in the eurozone
- German Manufacturing PMI (November), fact 51.6, forecast 52.3.
- Index of business activity in the services sector of Germany (November), fact 53.3, forecast 54.6.
- Manufacturing PMI (November), fact 51.5, forecast 52.0.
- Markit Composite Business Activity Index (PMI) (Nov), fact 52.4, forecast 53.0.
- Index of business activity in the services sector (November), fact 53.1, forecast 53.6.
PMI business report in Germany and the Eurozone was negative and put a pressure on the single currency. The main pressure on the euro had statistics for Germany, which came out earlier and provoked a rapid sale. The main driver for this movement was the decline in business activity in the manufacturing sector (PMI) in Germany, which has continued to slow down since September.
Fig. 1. German business activity in the manufacturing sector (PMI) chart
Statistics on business activity in the eurozone also turned out to be negative, but it was perceived more coolly. In conditions of low market activity, yesterday’s dynamics could be repeated with the British pound, when the pound showed a rapid growth, and after that it was restrainedly corrected. For EUR/USD, a similar dynamics is possible with a moderate correction from support levels: 1.1360 and 1.1330. At the same time, general upward dynamics of the pair slowed down significantly.
Fig. 2. EUR/USD chart. Current price – 1.1380
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Hanzenko Anton
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