Eurozone Markit Nov PMI flash readings just out 23 Nov

  • 58.5 prev
  • services 56.2 vs 55.2 exp vs 55.0 prev
  • composite 57.5 vs 56.0 exp/prev

More positive PMI data from the EZ sees EURUSD 1.1843 near session highs but sellers poised. EURGBP testing offers/res 0.8900-05. EURJPY facing sellers between 131.80-00

  • The eurozone economy is showing signs of picking up momentum in the fourth quarter, with multi-year highs seen for all main indicators of output, demand, employment and inflation in November.
  • Business activity and prices rose at the steepest rates for over six years, while the largest accumulation of uncompleted work for over a decade encouraged firms to take on staff at a rate not seen for 17 years.
  • The headline IHS Markit Eurozone PMI rose to 57.5 in November, according to the 'flash' estimate (based on approximately 85% of final replies), up from 56.0 in October and its highest since April 2011. The latest reading puts the economy on course for its best quarter since the start of 2011.
  • The upturn was again led by manufacturing, where the headline PMI rose to a level beaten only once - April 2000 - since the survey began in June 1997.

Full report here