European PMIs Weakness Pressures ECB

Economic activity in the eurozone slowed in June to its weakest rate in six months, a survey has suggested.

The Markit Purchasing Managers’ Index (PMI) for private sector activity, fell to 52.8 in June from 53.5 in May. A figure above 50 indicates growth.

Overall, the signs point to a recovery in the eurozone “losing momentum”, research firm Markit said.

It said growth was uneven, with “robust” activity in Germany but a worsening downturn in France.

“The big concern is once again the divergent trends within the eurozone,” said Markit chief economist Chris Williamson.

Germany’s economy is set to grow by 0.7% in the second quarter, in marked contrast to France, where an economic slowdown continues, Markit said.

“Although the survey suggests the eurozone as a whole should grow by at least 0.4% in the second quarter, France appears to be entering a renewed downturn after GDP stagnated in the first quarter,” said Mr Williamson

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