Eurozone Manufacturing Rises in January

Eurozone manufacturing grew strongly in January on the back of new orders, a closely-watched business survey suggests, with Germany leading the way.

Markit’s Eurozone Manufacturing Purchasing Managers’ Index (PMI) rose to 54 in January, its strongest month since May 2011 – a figure above 50 indicates growth.

This compares to December’s figure of 52.7 and reflects the overall pickup in eurozone economic activity.

But France failed to break the 50 mark.

“The eurozone manufacturing recovery gained significant further momentum in January, with final PMI readings for Germany, France and the region as a whole all exceeding the earlier flash estimates,” said Chris Williamson, Markit’s chief economist.

Germany’s manufacturing PMI rose to a 32-month peak, said Markit, while France’s rate of contraction slowed, but it still failed to move into growth territory.

Greece’s PMI was 51.2 – the first time it has been above 50 since 2009 – joining Italy, Spain, the Netherlands, Austria and Ireland in the growth stakes.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza