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Expansion In Europe’s’ Manufacturing and Service sectors overshadowed By Portugal Debt Downgrade

Expansion In Europe’s’ Manufacturing and Service sectors overshadowed By Portugal Debt Downgrade

2010-03-24 12:17:00
John Rivera, Currency Analyst


Fundamental Headlines

• Fitch Downgrades Portugal's Debt – Wall Street Journal
• Greece Compromise in the Works – Wall Street Journal
• Global derivatives disclosure to rise - Financial Times
Euro Weakens on Greece Debt Concern, Portugal Downgrade; Commodities Drop - Bloomberg
• Covered Bonds Rise Most Since '06 Signaling Europe Rebound: Credit Markets - Bloomberg

The manufacturing and service sectors in the Euro-zone expanded at the fastest pace in 2 ½ years according to the PMI survey which rose to 55.5 from 53.7. The reading surpassed estimates from economists of 53.8 as manufacturing output surprisingly improved to 56.3 from 54.2. The global recovery has fueled demand from abroad on the back of strong domestic growth in emerging markets. A better than expected print in the service sector of 53.7 against forecasts of 52.0 signals that Europeans are starting to open their wallets. A return of domestic growth would be the key to a sustainable recovery and signs of it has brighten the outlook for growth. Indeed, German business confidence jumped to 98.1 from 95.2 to post its highest reading since June, 2008. However, optimism may wane as the credit issues in the region continue to grow. Fitch ratings downgraded Portugal as Germany and France promote that Greece look to the IMF to solve its issues. The lack of a European led solution could cast doubt on the solidarity in the region, and continues to weigh on the euro.  To discuss this and other topics, please visit the EUR/USD forum.


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