4 Feb 2014
Flash: EZ PMIs indicate economic recovery - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes that the latest Eurozone PMIs indicates that economic recovery is underway in early 2014.
Key Quotes
"On a more positive note the release of the latest PMI surveys from Europe provided further encouraging signals that the economic recovery continues to strengthen in early 2014. The eurozone manufacturing PMI increased by 1.3 point to 54.0 in January reaching its highest level since May 2011."
"Elsewhere in Europe the manufacturing PMI surveys in Sweden increased by 4.2 point to 56.4, in Norway increased by 1.4 point to 52.8, in Poland increased by 2.2 point to 55.4, in Hungary increased by 7.4 point to 57.9, in the Czech Republic increased by 1.2 point to 55.9, and even in the UK it remained elevated at 56.7 despite declining modestly by 0.5 point. The strengthening economic recovery in Europe will help to provide an offset to slowing growth in developing economies, and should help to support domestic currencies in the year ahead."
Key Quotes
"On a more positive note the release of the latest PMI surveys from Europe provided further encouraging signals that the economic recovery continues to strengthen in early 2014. The eurozone manufacturing PMI increased by 1.3 point to 54.0 in January reaching its highest level since May 2011."
"Elsewhere in Europe the manufacturing PMI surveys in Sweden increased by 4.2 point to 56.4, in Norway increased by 1.4 point to 52.8, in Poland increased by 2.2 point to 55.4, in Hungary increased by 7.4 point to 57.9, in the Czech Republic increased by 1.2 point to 55.9, and even in the UK it remained elevated at 56.7 despite declining modestly by 0.5 point. The strengthening economic recovery in Europe will help to provide an offset to slowing growth in developing economies, and should help to support domestic currencies in the year ahead."