07/03/2017 - US Manufacturing Sector Gains Momentum

USD

New orders for U.S. made goods increased for a second straight month in January, indicating the recovery of the manufacturing sector could be  gaining momentum as rising prices for commodities spur demand for machinery.

Factory goods orders rose 1.2 percent, the Commerce Department said on Monday after an unrevised 1.3 percent jump in December.  Manufacturing accounts for  close to 12 percent of the U.S. economy, is regaining its footing after being battered by lower oil prices, a strong dollar and an inventory stockpiles.

EUR

Yesterday it was reported that the Greek economy shrank by 1.2% in the final quarter of last year - much worse than the initial estimate of a 0.4% fall in GDP. This is the worst contraction since 2015, when Greek banks were closed and capital controls imposed, as the country came close to leaving the Eurozone. The figures undermine hopes that the Greek economy was starting recover after difficult Austerity has crippled their economy.

Key Announcements

10:00 - EUR: Eurozone Q4 GDP (YoY) expected to be 1.7%