Euro-Zone PMI Composite Holds Near Record-Low as Demands Falter

Published March 24th, 2009 - 03:09 GMT

The Euro-Zone PMI composite unexpectedly rose to 37.6 in March from a record low of 36.2 in the previous month, while the PMI reading for manufacturing and services rose to 34.0 and 40.1 respectively. Meanwhile, economic activity in German improved during the same period as the manufacturing PMI increased to 32.4 from 32.1





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EURUSD – The Euro-Zone PMI composite unexpectedly rose to 37.6 in March from a record low of 36.2 in the previous month, while the PMI reading for manufacturing and services rose to 34.0 and 40.1 respectively. Meanwhile, economic activity in German improved during the same period as the manufacturing PMI increased to 32.4 from 32.1, while services ticked higher to 41.7 from 41.3 in February. Despite the minor improvement, manufacturing and service-based activity remain far below favorable levels as firms continue to fading demands from home and abroad, and the outlook for growth remains bleaks as economists forecast the region to face its worst economic downturn since World War II. Discuss the topic and your trade ideas in the EUR/USD Forum.

GBPUSD – The U.K. consumer price index unexpectedly increased in February as higher food and import costs pushed the annual rate of inflation to 3.2% from 3.0% in the previous month. Meanwhile, the RPI held flat during the month amid expectations for a drop to -0.7%. BoE Governor Mervyn King said that the rise came as a result of the depreciation in the exchange rate, and went onto say that he expects price pressures to weaken further in the months ahead as economic activity falters. Discuss the topic and your trade ideas in the GBP/USD Forum.

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