27/03/2017 - Eurozone Manufacturing PMI Gathers Momentum

EUR

The Euro strengthened on Friday morning on news Markit's flash eurozone composite purchasing managers' index unexpectedly rose in March, to a near six-year high. The composite PMI, which covers both the services and manufacturing sectors, edged up to 56.7 from 56.0 the month before, marking its best level since April 2011.

This lead to economists commenting on the strength of March's figures with business activity and hiring surging higher. The March flash PMI rounds off the best quarter for six years and signals GDP growth of 0.6% in the first quarter. Employment growth is meanwhile the best seen for nearly a decade.

GBP

Late Sunday night Theresa May said she will meet Nicola Sturgeon in Scotland on Monday and argue that the four nations of the UK represent an “unstoppable force”. 

Theresa May is to hold talks with the first minister for the first time since Sturgeon demanded a second independence vote in the wake of the EU referendum and for the last time before triggering article 50 on Wednesday. Before the meeting she is expected to make a speech stressing both her global, outward-looking ambitions for the country and her faith in the union. 

USD

In another sign that companies are confident about the outlook for the economy we saw orders for US durable goods increased more than forecast in February.

The figure was the sixth straight gain in orders for durable goods minus transportation equipment underscores rising demand that will help to broaden economic growth. Business has the potential of increasing even more should Washington lawmakers succeed in reducing corporate taxes and regulations.

Key Announcements 

09:00- EUR: German IFO Business Climate Expected to increase to 111.20