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No re-escalation of ‘Grexit’ worries, PMI data suggests

Friday, Jul 24 2015
Flash Eurozone Manufacturing PMI was down to 52.2 from 52.5 in June while  Flash Eurozone Services PMI Activity Index fell to 53.8 from 54.4. Analysts were predicting no change. The PMI suggests the eurozone continues to enjoy its strongest performance in terms of both economic growth and job creation seen over the past four years. The survey indicates that the economy grew 0.4% in the second quarter and sustained this steady pace at the start of the third quarter.
 
Although business confidence in the service sector hit the lowest so far this year, recent positive developments in relation to Greece suggest the pace of growth could pick up again in coming months. The region should therefore enjoy growth of at least 1.5% this year providing there is no re-escalation of ‘Grexit’ worries, which is of course by no means assured. 
 
Deflation worries should also be allayed further by average prices charged for goods and services steadying in July, the survey gauge rising tantalisingly close to the neutral level to buoy hopes that August will see prices rising for the first time in three-and-a-half years.
 
Euro is currently being traded slightly below 1.0950 level. Pair is likely to find support around 1.09 and resistance above 1.1020 area. Later today, in the US session, Manufacturing PMI and New Home Sales figures are scheduled for a release.
More in this category: « Modest output growth in Germany maintained in July New Home Sales fell by 6.8% »

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