IHS Markit's Euro Zone Composite Flash PMI surged to 57.5 in November from a final October figure of 56.0, the highest level reported since April of 2011 while outshining the median forecast of a flat reading of 56.0. The Manufacturing PMI jumped to 60.0 from 58.5, the second-highest reading on record since the gauge was first introduced in June 1997, while the PMI mirroring the currency bloc's dominant service industry rose from October's 55.0 print to a six-month high of 56.2. The Euro was also underpinned by a lack of any major negative surprises from the minutes of the European Central Bank’s October 26th policy meeting, released earlier on Thursday. EURUSD gained 0.20% in the previous session after breaking through the 100-day moving average. The pair is pulling back modestly after earlier gains overnight, with EURUSD currently hovering around 1.1840.
Euro Area Economic Outlook Brightens
Daily Analysis - 24/11/2017