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In May, euro zone private sector activity was intact, keeping to a six-year peak, as data published on Tuesday unveiled.
The preliminary outcome of the Markit manufacturing purchasing managers’ index was a more than six-year peak of 57.0 this month, compared to April’s result of 56.7.
Financial experts had expected an outcome of 56.5.
The services PMI slumped to a two-month minimum of 56.2 from 56.4, compared to hopes for an intact result.
The composite output index, gauging the combined output of both the manufacturing as well as service sectors, didn’t change, keeping to 56.8, while experts had hoped for 56.6.
By the way, a reading above 50.0 on the index stands for industry expansion, while below hints at contraction.
Meanwhile, the common currency EUR/USD traveled from 1.1252 to 1.1242, ahead of the publication of the data. At the same time EUR/GBP kept to 0.8664,compared to the previous outcome of 0.8663.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
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