EUR under pressure despite PMI data
|The Day So Far
In the words of IHS Markit, who are responsible for the PMI data this morning, “Eurozone upturn steps up a gear as growth approaches six year high”. Further more job creation was seen at its best in 9.5-yrs in today’s report with order book growth picking up and business optimism moving higher. One could be forgiven then for thinking why the fuss over European elections when underlying economic performance remains robust and is in fact improving. This then may help explain the explosive move seen higher in the DAX this morning which no doubt was assisted in part by a triggering of stops on the ascent. In addition following yesterday’s Eurogroup meeting, Greek two-year bond yields have also backed off recent highs with some encouraging noises coming out of Brussels in regards to the much needed cash injection for the ailing nation.
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