Eurozone Manufacturing and Services PMI up in December

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Friday, Jan 23 2015

Both Eurozone Manufacturing and Services PMI were in line with market forecasts. Flash Eurozone Manufacturing PMI rose to 51.0 from 50.6 in December, what is a 6-month high, while Flash Eurozone Services PMI Activity Index increased to 52.3 from 51.6 in December what is a 3-month high.The recent oil price slump is also already feeding through to reduced prices, with average prices charged by companies dropping at the fastest rate for almost five years.

The price falls will be a boon to households, but will inevitably fuel growing concerns about the threat of deflation. However, with the January survey showing the largest rise in new orders for goods and services for five months, it seems that lower prices are resulting in higher consumer spending, rather than encouraging households to defer purchases in the hope of lower prices in the future.

Data did not have any major impact on euro, which is currently being traded above 1.1270 level, with markets still being influenced by yesterday's ECB decision. Pair is likely to find support around 1.1220 area and resistance above 1.1320 level. Later today, in the US session Manufacturing PMI and Existing Hone Sales figures are scheduled for release.

More in this category: « German Manufacturing PMI dropped in January UK Retail Sales increased by 0.4% »

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