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EUR/USD Weekly Forecast – 27 November – 01 December

Friday, Nov 24 2017
EUR/USD Weekly Forecast – 27 November – 01 December

Events that marked the week:

From Eurozone, on Thursday, 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.

 

Friday's session brought German Business Climate figures. Sentiment among German businesses is very strong. The ifo Business Climate Index rose to a new record high of 117.5 points in November from 116.8 (Seasonally adjusted.) points in October. This was due to far more optimistic business expectations. Companies’ assessments of the current business situation were no longer as positive as last month. The German economy is on track for a boom. The latest figures indicate economic growth of 0.7 percent in the fourth quarter, pointing to growth of 2.3 percent for 2017 as a whole.

 

This week markets will be looking at:

 

M3 Money Supply (Tuesday 10:00)

German Prelim CPI (Wednesday)

Spanish Flash CPI/GDP (Wednesday 9:00)

CPI Flash Estimate (Thursday 11:00)

Last modified on Saturday, 25 November 2017
More in this category: « GBP/USD Weekly Forecast – 27 November – 01 December AUD/USD Weekly Forecast – 04 December – 08 December »

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