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EUR/USD Little Changed After Positive November Markit Eurozone PMI

EUR/USD Little Changed After Positive November Markit Eurozone PMI

Oded Shimoni, Junior Currency Analyst

Talking Points:

  • Eurozone growth and job creation hit four-and-a-half year highs
  • Flash Eurozone Manufacturing PMI at 52.8, above expectations and a 19-month high
  • The Euro little changed versus the US Dollar

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The Euro was little changed (at the time this report was written) versus the US Dollar after today’s Flash Markit Eurozone PMI printed figures above expectations. The Eurozone PMI Composite Output Index came at 54.4, above the 54.0 expected by economists, and above the 53.9 in October. The Services PMI Activity Index rose to 54.6, above the October prior and expected reading of 54.1. Both figures marked a 54-month high. Manufacturing PMI rose to 53.9, above the 52.3 expected by economists, and above the prior print of 52.3, signaling a 19-month high. A reading of less than 50 indicates a contraction of activity, above 50 points to an expansion, and an index of50 says that no change has occurred.

Markit remarked that output signaled the fastest rate of expansion since May 2011. Particularly impressive in the report was the fact that employment, new orders and backlogs of work indicators showed the strongest monthly expansion in four and a half years, led by the service sector. Despite the impressive rise, Markit said average prices charged for goods and services fell slightly, while average input costs barely rose, indicating “deflationary pressures”. With the ECB well below their target for inflation; close to (but below) 2%, and rhetoric from the central bank about possible further easing in December, Markit remarked that November’s PMI will do little to dissuade policy makers that more needs to be done. Given these facts, the Euro was little changed versus the US Dollar.

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