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EUR/USD Daily Forecast – 24 November

Thursday, Nov 23 2017
EUR/USD Daily Forecast – 24 November

From Eurozone, yesterday, French and German PMI figures were released. Growth in the French private sector accelerated in November, bolstering the economic outlook for the euro zone’s second largest economy according to data released on Thursday. The preliminary reading of the Markit services purchasing managers’ index came in at 60.2 this month from 57.3 in October. It was a 78-month high. Economists had forecast a reading of 57.0. The manufacturing PMI increased to 57.5, compared to expectations for 55.9 and from 56.1 a month earlier. It was the highest level in 79 months.

Private sector output in Germany expanded at a faster pace than expected in November, fueling optimism over the health of the euro zone's largest economy, preliminary data showed on Thursday. Market research group Markit said that its Flash German Composite Output Index, which measures the combined output of both the manufacturing and service sectors rose from 56.6 in October to 57.6 in November, beating forecasts for 56.7. The preliminary German manufacturing purchasing managers’ index climbed to an 81-month high of 62.5 from a final reading of 60.6 in October. Analysts had expected the index to slip to 60.4 in November. The flash services purchasing managers’ index rose to 54.9 this month from 54.7 in October, but below expectations for a reading of 55.5.

 

Tomorrow's session will bring German Business Climate figures. Analysts expect no change. There will be no data releases in the US part of the session.

 

Figures to watch:

 

German Ifo Business Climate (Friday 10:00)

More in this category: « GBP/USD Daily Forecast – 24 November AUD/USD Daily Forecast – 27 November »

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