Eurozone Manufacturing Fastest Pace of Growth in Six Years

Euro-area manufacturing expanded at the strongest pace in over six years as factories across the region took on more workers to deal with surging orders.

A Purchasing Managers’ Index climbed to 57.4 in June, up from 57.0 in May and above a June 23 flash estimate, IHS Markit said on Monday. Growth rates improved in most of the surveyed countries, including France and Italy, while a gauge for Greece signaled expansion for the first time since last August.

“There’s no sign of the impressive performance ending any time soon,” said Chris Williamson, chief business economist at IHS Markit. “Optimism about the year ahead has risen to the highest for at least five years, backlogs of orders are building up at the fastest rate for over seven years and factories are reporting near-record hiring as they struggle to deal with the upturn in demand.”

Bloomberg

PMI’s Eyed Ahead of Independence Day Bank Holiday

EUR/USD – German and Eurozone Mfg. PMIs Meet Expectations, but Euro Dips

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.