Data from the Eurozone showed that final manufacturing PMI grew to 51.8 in November. This was a slight increase from 51.6 in the previous month. The UK’s manufacturing PMI was up to 53.1 in November, up from 51.1 in October.
The ISM manufacturing PMI was higher than forecast, rising to 59.3 on the index. This was also better than the October’s print which saw the index falling to 57.7. The increase in the ISM manufacturing came as production index grew to 60.6 on the month compared to October 59.9. New orders index rose to 62.1, advancing from 57.4.
Construction data, however, came out weaker than forecasts. Private construction was seen falling 0.4% in October compared to the previous month. On a yearly basis, construction spending grew 3.9%.
The economic schedule for today is relatively quiet in comparison to the week. The RBA held its monetary policy meeting earlier today. The central bank, as widely expected left the interest rates unchanged at 1.50%.
Looking ahead, the European trading session is quiet with only the release of the Swiss inflation report. Headline consumer prices are forecast to fall by 0.1%. This follows a 0.2% increase the month before.
The Bank of England Governor, Mark Carney will be speaking later in the afternoon. The UK’s construction PMI will be out today. Forecasts point to construction activity easing to 52.5 on the index from 53.2 in October.
Producer prices data from the Eurozone are out next, and factory gate inflation is expected to remain steady, rising by 0.5% on the month. The NY trading session will see Fed members Williams and BoE MPC member Vlieghe speaking.
