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Eurozone PMI details mixed  (1/2)

EUROZONE DATA

Higher than expected Eurozone PMI print, too, but again the details mixed with employment higher than expected, price pressures elevated but output expectations at their weakest since January.

  • Note that data were collected 10-19 November (and responses are normally front-loaded). So these output expectations were before the worst of the lockdown news and before the Austrian lockdown was announced.
  • However, this is still enough for EURUSD to be on the front foot today with the Euribor strip and Bunds under pressure.
  • From the press release:
  • Employment: "Although the rate of job creation rose to the second-highest in over 21 years as firms sought to meet rising demand, optimism about the outlook sank to a ten-month low on renewed COVID-19 worries and lingering supply constraints."
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