Euroarea final manufacturing PMI likely to have confirmed flash reading of 53.7 in November

The final manufacturing PMI of the euro area is expected to have come in at the same level as the flash estimate. According to a Societe Generale research report, the final manufacturing PMI for the currency bloc is likely to have confirmed the flash estimate of 53.7 in November. This indicates towards a healthy GDP growth for the fourth quarter. A reading of 53.7 in consistent with 0.6 percent growth, noted Societe Generale.

The preliminary figures for Germany and France weakened a bit that implies a considerable rebound in the figures for Italy and Spain. The print for Spain is might rebound to 55 for the first time since January 2016. The scenario for the euro area appears to be sound; however, it is significant to note that the order to inventory ratio has falling considerably and indicates towards a loss of momentum in manufacturing output in the first quarter of 2017, stated Societe Generale.

At 12:20 GMT, the EUR/USD pair is trading at 1.0632. Meanwhile, at 12:00 GMT the FxWirePro's Hourly Strength Index of Euro was slightly bullish at 58.6504, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at 25.7542. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex