FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Markit Eurozone PMI data for the month of December showed that eurozone economy maintained a robust pace of expansion at the end of 2016. IHS Markit's Euro Zone Flash Composite Purchasing Managers' Index, held steady at November's 53.9, which was the highest reading this year, in line with expectations.
Acceleration in manufacturing growth on account of the weakened euro offsett a softening of growth in the services sector. The headline manufacturing PMI rose to its highest since April 2011. The flash eurozone services PMI activity index fell to a 2-month low at 53.1 in December from 53.8 in November.
Index measuring output, which feeds into the composite PMI, climbed to a 32-month high of 56.1 from 54.1. Data suggested factories will start the new year in good shape, they built up backlogs of work at the fastest rate since April 2011. The sub-index climbed to 54.8 from 53.3 and a new orders index also jumped.
The forward-looking indicators are quite positive, indicating a good start to 2017. Businesses were confident about the future and the business expectations index rose to an eight-month high of 63.6 from 61.9.
“So while the PMI surveys point to the economy gaining strength, the upturn is being accompanied by rising inflation – a scenario that will please ECB policymakers" said Chris Williamson, Chief Business Economist at IHS Markit.
FxWirePro's Hourly EUR Spot Index was at -135.81 (Highly bearish) at 1210 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
