Markets  |  March 21, 2013 09:45:00

PMI results today worsened future eurozone French business activity in mom measurement decreased the most in the last four years. The second largest eurozone economy and threatened again relapse into recession. Purchasing Managers' Index (PMI) for manufacturing fell to 43.9 points. The manufacturing sector remains negative prospects for the situation. PMI for services lost 0.8 points, falling to 41.9 points. Markit chief economist Chris Williamson predicts France 0.7 percent contraction this quarter. Unemployment remains above the 10 percent threshold and there is no indication that the situation should improve.

Largest economy in the euro zone today also got worse news. German PMI for manufacturing again fell into contraction levels after 2-month growth, falling to 48.9 points. Germany decreased rapidly and new orders slowed demand from southern Europe. Experienced a similar decline in the services sector, where economists expect growth. PMI index fell from 54.1 points to 51.6. Still remains above the value of 50, which separates expansion from contraction, but the question is whether the economy can maintain those numbers.

Eurozone reported similar numbers as the two largest economies. Manufacturing PMI fell to 46.6 points from 47.9 in February. This result exceeded the expectations of economists negatively 48.2 points. The manufacturing PMI remains the nineteenth month in contraction values.Eurozone economy could thus slow down this quarter by 0.3 percent. PMI in service sector fell to 5měsíční minimum when dropped to 46.5 points from the previous 47.9.

Euro currency index BOSSAEUR reacted to bad news by strong weakening or second time he did not resist Fibonacci resistance levels 38.2 and after double peak headed back to previous lows. Yard Sale Hidden helped also bearish divergence on the oscillator. The market is thus still below the long-term moving average of 100 and the outlook for the euro remains negative.

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