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Euro zone manufacturing PMI unchanged in line with expectations

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Forex Pros - Manufacturing activity in the euro zone in February was unchanged from a preliminary estimate, confirming the pace of growth as the fastest since June 2000, industry data showed on Monday.

In a report, market research group Markit said that its euro zone manufacturing PMI held steady in line with expectations at a seasonally adjusted 59.0 in February, unchanged from a preliminary reading.

On the index, a reading above 50.0 indicates industry expansion, below indicates contraction.

According to the data, inflationary pressures continued to build, as input costs and output prices both rose at series record rates.

Commenting on the report, Chris Williamson, chief economist at Markit said, "Especially encouraging is the indication that growth is picking up in the region's periphery, led by rising exports. However, domestic demand in austerity-focused countries such as Spain and Ireland remains subdued."

Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.17% to hit 1.3831.

Meanwhile, European stock markets were up. The EURO STOXX 50 climbed 0.74%, France's CAC 40 added 0.71%, the FTSE 100 rose 0.66% and Germany's DAX was up 0.97%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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