Eurozone business activity rises to six-year high in March

Eurozone business activity rises to six-year high in March

Eurozone business activity accelerated to the highest level in six years in April, according to the flash Purchasing Managers’ Index released on Friday.

The Composite PMI index -manufacturing and services- climbed to 56.7 in April from 56.4 in March, pointing to the continuation of strong growth in the second quarter.  

Manufacturing PMI rose from 56.2 in March to 56.8, the highest record in six years, while services gauge surged to 56.2 from a revised of 56.0.

Markit’s report signaled stronger pace of expansion in France compared to Germany on optimism ahead of France’s elections, which, however, “pose the highest near-term risk to the outlook.”

“The pace of expansion has accelerated to a near 10-year high, cementing the increasingly broad-based nature of the upturn,” said Markit chief business economist Chris Williamson.

As of 09:23 GMT, the euro traded lower at 1.0704 versus the U.S. dollar, compared to the session’s open at 1.0714.

Ahmed Mamdouh

Ahmed Mamdouh, Co-Founder and Head of English Fundamental Analysis at FXComment.com, with 7 years of experience in the financial markets. Mamdouh holds a Master’s Degree in Economics from The American University in Cairo and a Bachelor Degree in Economics from The Faculty of Economics and Political Science, Cairo University.

You have to be logged in to comment.