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March 1, 2018

Orbex, Reviewing some Economic Data releases from EU last week

After some data releases from EU, the economic recovery in the Eurozone was firmly entrenched.

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The U.S. dollar remained mixed last week with investors digesting the meeting minutes from the Fed meeting held in January.

Following the minutes, the markets are now expecting to see the Fed hiking interest rates as early as the March meeting.

Eurozone private sector growth remains strong

Private sector activity in the Eurozone for the month of February remained on firm footing but the data showed that the momentum was slowing off the 12-year high that was registered in the previous month in January.

Official data from IHS Markit showed that the Eurozone composite output index had declined more than expected to register a print of 57.5, which was down from 58.8 in January.

However, with the index still above 50, it registered an expansion in the sector.

The Eurozone’s goods producing sector continued to post a faster pace of expansion than the services sector.

The services PMI had ased to 56.7 in February compared to 58.0 in January. This was below forecasts of 57.6.

The factory PMI was also seen to be weaker as the index fell to 58.5 compared to 59.6 in January.

Overall, the PMI’s still showed that the economic recovery in the Eurozone was firmly entrenched.

The data released last week was the flash estimates with the data to be confirmed early next week.

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