Eurozone Seen Chugging Along According to PMIs

Business activity in the euro zone during October was not as robust as first thought, a survey showed on Friday, adding to signs the bloc’s recovery remains on track but is struggling to gain momentum.

For the second month running, firms held prices steady despite costs rising at the steepest rate since July 2015, indicating companies’ pricing power remained muted and that the European Central Bank might have to do more to drive up inflation.

Markit’s final composite Purchasing Managers’ Index for the euro zone was 53.3 in October, below a 53.7 flash estimate but beating September’s 52.6 and its highest since January.


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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.