Markets  |  January 24, 2013 09:55:00

European economy pulls still only Germany

French purchasing managers index (PMI) for manufacturing showed a deepening contraction in Europe's second largest economy. January result worsened from 42.9 December 44.6 points. The accelerating decline has also seen service sector, where the PMI fell to 43.6 points. The French economy is experiencing its worst period since 2009 and the question is whether the social policy of President Holland can quickly respond to degraded data.

Spanish unemployment rose in the last quarter of 2012 to a record 26.02 percent. Economists blamed Prime Minister Marian Rajoyovi which, together with the government carried out the largest budget cuts in the democratic history. The number of Spaniards out of work approached 6 million meters and the unemployment rate jumped by 1 percent from the third quarter.The International Monetary Fund predicts GDP contraction of 1.5 percent this year.

The only German economy was able to bring the good news. Manufacturing purchasing managers index (PMI) jumped in January from December's 46.0 points to 48.8 points, which, while still in contraction area, but you can expect more in the future production growth. PMI is way above the 50 expansive areas to look recently in February 2012. Today's result is the best one since February last year. Purchasing Managers' Index for services lived to see the best results since June 2011, when he managed to strengthen to 55.3 points. German managers assume the improving state of the German economy and believes in further strengthening, as evidenced by yesterday's ZEW index data.

The current account of the euro areaIn November, finally received a significant surplus 14.8 billion euros. Eurozone surpluses of goods 12.6 billion, with a surplus of 7.1 billion and service revenue 2.6 billion. Deficit appeared in current transfers 7.5 billion euros. Seasonally adjusted data for 12 months showed a surplus of € 107.6 billion in October 2012.

Eurodollars remains in the neutral zone. All week he was not able to suggest future development. However, it remains extremely volatile. Market waiting to pierce 1.328 or 1.34, which should predict future developments.

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