Eurozone composite PMI jumps to highest this year owing to upbeat manufacturing activity

Eurozone composite PMI jumped to its highest level this year, owing to upbeat performance in the manufacturing sector, coupled with the rise in output as well as new orders.

Eurozone’s flash composite Purchasing Managers' Index, seen as a good overall growth indicator, jumped to 54.1 from October's 53.3, the highest reading this year and just shy of last December's 54.3, data released by IHS Markit showed Wednesday. It was far above the 50 point line indicating growth in activity.

Further, in the composite PMI survey, a sub-index measuring new business shot up to 53.8 from 52.9, its highest since December 2015, data showed. Also, the factory PMI climbed to 53.7, its highest since January 2014, above the poll median and October's 53.5. The output sub-index, which feeds into the composite PMI, nudged down to 54.1 from 54.6.

Meanwhile, the EUR/USD is trading 0.15 percent lower at 1.0610, while at 9:00GMT, the FxWirePro's Hourly EUR Strength Index remained neutral at -48.76 (higher than the -75 benchmark for bearish trend). For more details, visit http://www.fxwirepro.com/currencyindex