Data on business activity in the services sector in Europe
- German index of business activity in the services sector (Feb), fact 55.3, forecast 55.1.
- Markit Eurozone Composite Business Activity Index (PMI) (Feb), fact 51.9, forecast 51.4.
- Index of business activity in the services sector (Feb) euro zone, fact 52.8, forecast 52.3.
- Index of business activity in the services sector (Feb) UK, fact 51.3, the forecast 49.9.
Business activity in the European services sector improved in February in all key countries. Particularly positive dynamics can be traced across the eurozone, the whole of February. And it serves as an indicator for the slowdown of the downward trend, which has been maintained for the last year. The figure for the UK is less positive, despite approximately the same growth, but continues to maintain a restrained negative trend.
Fig. Graph of the Markit composite index of business activity (PMI) (Feb) Eurozone
The dynamics of the euro and the British pound remains restrained despite the positive data. It is due to the limited stock indices in Europe and the strengthening of the US currency. Also it is worth noting a noticeable oversold of the euro and the pound against the American dollar. The resumption of optimism in the market may cause a moderate correction of the euro and the British pound against the US dollar.
Read also: “The US economy continues to grow, confirming the rates hike policy”
Hanzenko Anton
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