At 10:00, the market got to know the results of the PMI service and collective PMI for the euro zone. The value of economic growth were in the vicinity of six years highs due to the significant acceleration of economic conditions in the countries of ‘big four’.
Services PMI slightly below forecasts
Indicator service purchasing managers index (PMI) in February was ranked at a level of 55.50, which is marginally worse than projected 55.60, but definitely better than the final reading of January at 53.70.
At the same time composite PMI coincided with forecasts of 56.00 was beating results from the first month of the year (53.70). Good results can owe to above all the strong results from Germany (56.10), which were nearly on 3-year highs and France (55,90) reaching 5-year highs.
As said Chris Williamson from Markit IHS, “the final value of PMI draw a very clear picture of the European economy in the first quarter of 2017 years. Growth accelerates in the four largest Eurozone countries which suggests the possibility of maintaining the favorable trends in the coming months. “
Eurodollar unmoved by good results
Results PMI did not translate to movements of the major currency pairs. EUR/USD is still below the highs of the session and the resistance shown in the chart below:
Publication of data caused only a marginal response to other values from EUR.
