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French Business Activity Nears Six Year High

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business activity surged passed expectations in February to near a six-year high, led by resurgent services, unfazed by political uncertainty two months from a presidential election, a monthly poll showed on Tuesday.

Data compiler IHS Markit said its preliminary composite purchasing managers index jumped to 56.2 in February from 54.1 in January, reaching the highest level since May 2011.

The increase beat economists’ expectations for a decline to 53.7 according to a Reuters poll, and marked the eight month in a row the index has been above the 50-point threshold dividing an expansion from a contraction in activity.

Reuters

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Sleepwalking

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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.
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