Today there is a lot of PMI data from all around the Europe, the most important readings were from France and Germany, both countries had positive results. PMI in whole Eurozone increased to 58.6 from 58.1. Analysts expected score of 57.9 pts.
Strong growth of Eurozone economy is keeping, there is an improvement in the area of new orders. The employment in companies is growing in the strongest rate in a decade – since this data publication was introduced.
Inflation pressure was rising in the beginning of fourth quarter. Further improvement of the demand mean that companies could move some of the costs to the customers. As a result export prices inflation is the strongest since June 2011.
“The eurozone economy has had a good year so far, and the initial signs are that this has continued at the start of the final quarter of 2017. The PMI signalled a further strong increase in output across the private sector in October,” – said Andrew Harker from HIS Markit.
EURUSD reacted for good data, today’s correction was just temporary and now we are close to yesterday’s high at 1.1770. Break above this level will end lasting for two days decreases.