Good PMI data from Germany and the Eurozone add fuel to the gains
Market volatility is limited today due to US holiday, causing many markets to be closed. Nevertheless, trading in Europe is proceeding as usual. Today, we got the release of preliminary PMI data from major European economies and for the entire Eurozone as well. These data turned out quite positively:
- Germany's Manufacturing PMI at 42.3 points, a rebound from 40.8 points, while market expected 41.2 points. Moreover, the November reading is the highest since June of this year.
- Germany's Services PMI at 48.7 points, a rebound from 48.2 points, while market expected 48.5 points.
- France's PMI disappointed, but the Services Index saw a slight rebound from 45.2 to 45.3.
- Eurozone Manufacturing PMI at 43.8, while market expected 43.1 and a previous level of 43.4.
- Eurozone Services PMI at 48.2, compared to the previous level of 47.8, while market expected 48 points.
DE30 managed to close above 16,000 points yesterday, but the start of today's session on futures market was rather negative. Currently, the DE30 contract is above yesterday's closing, a few points above the psychological 16,000 pts level. If the contract manages to close above 16,050 points today, it would be the highest closing since August. It is also worth noting that after two declining sessions on the EURUSD pair, we are seeing a rebound, which may favor DE30 in continuing its upward trend or at least maintaining itself above the round level. European indices may see elevated volatility around 12:30 pm GMT when ECB minutes are released.
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Source: xStation5
