Eurozone recovery indicators remained firm even as the euro weakened, with manufacturing leading the upswing. The Eurozone manufacturing PMI stayed at a four-year high in September, while factory output grew at its fastest pace in nearly five years. New orders and backlogs continued to rise, pointing to strengthening demand across Germany and the wider region, even as fiscal concerns and a softer ECB tone weighed on the currency backdrop. Since the start of September, the EUR’s nominal effective exchange rate has fallen 1.4%, despite stronger data and another ECB rate rise, and markets repriced policy expectations after officials warned that elevated front-end rates would restrain growth.
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