Forex: Manufacturing PMI data for European Monetary Union came at 57.7

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Official data today revealed that the Manufacturing Purchasing Managers Index for the Europe came out better than expected. The data is released by the Markit Economics and it captures business conditions in the manufacturing sector. The PMI data is an important indicator of business conditions and the overall economic condition in the Eurozone.

Manufacturing continued to lead the recovery in March despite seeing output growth ease to a 3-month low. Ongoing improvement was also signaled in the service sector with business activity rising at the quickest pace since August 2007. The March Eurozone PMI came at 57.7, better than 57.2 that analysts were expecting and up from 57.5 last month.

All of these numbers are pretty close to each other, but the growth remains steady, even as negative headlines flare up around the continent.