At 10:00 the market got to know the latest readings IHS Markit regarding the final total and the services PMI in the euro zone. The results were worse than the initial publication – however were placed at 11-month highs.

The total PMI was at 53.90

In a preliminary reading of the Markit Eurozone PMI Composite Output Index we read that economic developments in the euro area was estimated at 54.10, in the final publication  revised to 53.90, which was higher than October’s 53.30 and also the highest of the year.

At the same time PMI services at the level of 53.80 was better than 52.80 from last month. The appreciation was mainly due to Spain and Italy, where we subsequently recorded five- and nine-month highs.

According to Chris Williamson, chief economist at the institution “European PMI’s performance was on strongest level of growth this year. The improved situation is so strong that it should signal the euro area GDP in the last quarterly at 0.4%.”

Eurodollar makes full circle

Monday’s session began on EURUSD from rapid slides about 160 pips which were a response to the results of a European referendum. The depreciation has not come, however, to the round level of 1.0500, than price began to bounce back, and at this point we are testing opening level of this week.

Full report here : IHS