Today the eurozone has published its manufacturing production stats for January. The index gained 0.2% m/m. However, despite the increase, the readings are rather poor if to take into account that they haven’t exceeded the average quarterly level seen in Q4 2011 and are still some 10% below pre-crisis levels.
Nevertheless, Europe’s manufacturing production seems to be gradually recovering. However, the recovery is restrained as new orders keep declining. It means that this recovery isn’t strong enough to consider any positive prospects.
February’s PMI readings showed any increase up to 49 points. It was equal to 46.8 pts in Q4 2011.
According to the analytic team of , the EUR futures rebounded for the support with a reveres up-thrust. Judging by trading volume, the price may well break above 1.3100. Once it consolidates above the level, the next target is 1.3150. If the bears intensify the pressure, the price will probably make a new local low.
