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DailyFX European Market Wrap: Sombre Day for Europe after The Bomb Attack

DailyFX European Market Wrap: Sombre Day for Europe after The Bomb Attack

Katie Pilbeam, Contributor

It’s a sombre day for the Europe after the bomb attack at a concert in the city of Manchester claimed the lives of 22 people and injured more than 50. But the markets seem to be resilient to such an atrocity for now.

The FTSE heads for another record high while European bourses are driven by various economic data reports, pushing shares higher along with the euro. The eurozone’s PMI came in at 56.8 for May, matching April’s six-year high reading, which means the European economy is enjoying its strongest growth since 2011. Markit which compiles the report said that manufacturing firms were in the lead, while overall business optimism has hit a joint five-year high. And job creation is now running close to a 10-year high.

Germany also posted some impressive numbers – with their factory growth hitting a 73-month high – the manufacturing PMI jumped from 58.2 in April to 59.4 this month. It is the highest in six years, with the services sector up to 58.0 from 56.7.

Meanwhile the euro is close to its highest level since November following these reports, while the third estimate of Germany’s GDP confirmed the country’s GDP grew 0.6 per cent in the first quarter.

Britain borrowed more than expected last month. This has resulted in the country’s budget deficit jumping to £10.4bn in April, that’s £1.2bn or 13% more than a year ago according to the office of national statistics.

And no deal in Greece after debt talks failed. The eurozone-IMF standoff is over the allocation of funds for Greece to avoid the country missing a payment of €7.3b which is due in July

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.