Manufacturing is booming (well, doing less crap it seems) in the EZ, if you believe the numbers coming out. Even Greece has gone into expansion posting 51.2 vs 49.6 prior on the PMI.
Good news also for the EZ PMI as the employment index rises above the magic 50 mark and beats the the flash 50.7 to post 51.0, up from 49.9 in Dec and the highest since September 2011. Output also rises to the highest since April 2011 at 56.7 from 54.9 in Dec.
EZ MFG PMI employment 03 02 2014
The employment component is rising in nearly all the majors which is good news and we would hope that it starts translating into falls in the large unemployment numbers we keep seeing.
Even so the euro isn’t interested today and is struggling to break back above 1.35 and can only muster a 25 odd pip range so far into the new week. That’s maybe a sign of how sickly it is at the moment and the fear of policy action by the ECB this week.
