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In February, euro zone business surge was still firm, with companies demonstrating the highest level of optimism for 5-1/2 years in a purchasing managers' poll notwithstanding signs that higher prices as well as a firmer currency were putting pressure.
The euro zone turned to be one of the top notch economies in terms of performance in 2017, and its businesses burst out this year by spurring activity at the fastest tempo for more than a decade.
However, February's preliminary Purchasing Managers' Index showed that the blistering surge tempo demonstrated in January and which is the fastest for a decade, has definitely stepped down.
Additionally, IHS Markit's composite flash PMI for the region, considered to be a gauge of economic health, went down to 57.5 in February, which is below all estimates in a Reuters survey that had foreseen a more moderate dive to 58.5 from the previous month’s final outcome of 58.8.
Nevertheless, February’s result appeared to be one of the farthest or most expansionary, overleaping 50 for more than 11 years.
Market experts surveyed by Reuters hope the European Central Bank would complete its asset purchase program by the end of this year.
As IHS Markit informed, the European Union was demonstrating its best quarterly surge since the second quarter of 2016. Additionally, the PMI pointed to first quarter surge of 0.9%, which is must faster than the 0.6% foreseen in a Reuters survey.
Companies shared that upbeat mood, as an index gauging expected output in a year's time tacked on from 68.0 to 68.3, which is its highest value since IHS Markit got down to collecting the data in 2012.
As for consumer confidence in the European Union, it went down more than anticipated in February.
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
Happy Monday, dear traders! Hope you had a great weekend and you’re ready for the last trading week in 2022! Later this week we’ll announce some exciting news for you, but now let’s look through some interesting news! Today’s events: USA, UK, Hong…
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
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