The euro was flat versus the US dollar during European session on Wednesday, after a report released showed that Germany’s services Purchasing Managers’ Index (PMI) rose higher than forecasted in November.
The 17-bloc euro dropped 0.02% lower to $1.3585 against the greenback as of 8:55am GMT; before rising after the release of Germany’s final services PMI rose 55.7 points higher in November, up from the previous reading of 52.9 points seen in October.
The macroeconomic figure of the day will be the second forecast for eurozone’s gross domestic product (GDP). GDP growth is expected to remain unchanged at 0.1%. The report is expected to be released by the Statistical office of the European Union (Eurostat).
Eurozone services PMI
In Spain, the final services PMI increased to 51.5 points in November, rising from the previous reading of 49.6 points seen in October and above analysts forecast of 49.7.
The Italian services Purchasing Managers’ Index dropped to 47.2 points in November from the previously recorded 50.5 in October and lower than analysts forecast of 50.4 points.
In France, the final PMI in services stood at 48.0 in November, dropping from 50.9 seen in the previous month.
Manufacturing PMI
Factory activity in the eurozone’s largest economy showed ongoing improvement in November, rising above the 50-mark threshold for the fifth month in a row, reports from Markit Economics confirmed.
November’s final PMI Index for Germany’s manufacturing sector advanced 52.7 higher, rising above 51.7 points seen in October final reading.
Italy’s manufacturing PMI increased to 51.4 points in November, rising from 50.7 recorded in October and above analysts forecast of 50.8 points.
The French final PMI in the manufacturing sector came in at 48.4 in November and lower than the 49.1 registered in October.
ECB
The European Central Banks (ECB) is expected to announce its benchmark interest rates on Thursday, with predictions of borrowing costs to remain at its current rate of 0.25%, according to analysts.
The preliminary report released by Eurostat on November 29, showed that inflation in the eurozone rose 0.9% higher in November, up from the 0.7% seen in the previous month; marking its lowest rise in 47 months.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
The post Euro Traded Flat amid Germany’s Upbeat Services PMI appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
