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Eurozone growth accelerated to its highest in 11-months in November. The final Markit Eurozone PMI Composite Output Index came in at 53.9, slightly below the flash estimate of 54.1. Despite the downward revision from the flash estimates, Eurozone output growth still remained the best reading since December 2015.
Final Eurozone Services Business Activity Index was also revised lower to 53.8 from flash reading of 54.1, and compared to October's final reading of 52.8. Services output also rose at the quickest rate in 11 months though at a slightly slower pace than the growth in manufacturing production.
Growth in Ireland and Spain accelerated to three and five month highs respectively. Growth in Italy accelerated to a nine-month high, while that in France slipped to its weakest since July. Germany's rate of increase little-changed from October, but still remained the greatest contributor merely by virtue of its size.
Employment rose for the twenty-fifth consecutive month as improved demand exerted pressure on capacity, leading to the fastest accumulation of backlogs of work since May 2011. Price pressures continued to intensify during November.
“The signs of steady fourth quarter growth and indications that inflationary pressures are rising will be unlikely to deter the ECB from extending its QE programme at its December meeting. But the extent to which the eurozone is benefitting from the weaker euro in particular, if sustained, will raise the likelihood of stimulus being tapered earlier than previously anticipated.” said Chris Williamson, Chief Business Economist at IHS Markit.
FxWirePro's Hourly EUR Spot Index was at 113.222 (Highly bullish), while Hourly USD Spot Index was at -44.5709 (Neutral) at 1200 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
