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21 Feb 2014
Flash: EZ recovery remains fragile - Investec
FXStreet (Barcelona) - Jonathan Pryor, Corporate Treasury Analyst at Investec, argued the euro bloc economic recovery is still nascent.
Key Quotes
"Yesterday the Eurozone ‘flash’ composite Purchasing Manager Index data for February edged down to 52.7 from 52.9 (consensus and Investec forecasts 53.1), with a fall in the manufacturing index to 53.0 from 54.0 and a marginal increase in the services index to 51.7 from 51.6. This follows weak French numbers and mixed German data (soft manufacturing, firmer services)."
"In a nutshell this is saying that although the Euro area economic recovery is on track, it remains fragile and is not building momentum quickly. The euro sold off sharply following the French data."
Key Quotes
"Yesterday the Eurozone ‘flash’ composite Purchasing Manager Index data for February edged down to 52.7 from 52.9 (consensus and Investec forecasts 53.1), with a fall in the manufacturing index to 53.0 from 54.0 and a marginal increase in the services index to 51.7 from 51.6. This follows weak French numbers and mixed German data (soft manufacturing, firmer services)."
"In a nutshell this is saying that although the Euro area economic recovery is on track, it remains fragile and is not building momentum quickly. The euro sold off sharply following the French data."