Global macro overview for 23/11/2015:
The flash PMI data on the eurozone has been released earlier this morning. The data was expected to show that the manufacturing outlook remained unchanged in November, while service sector growth was anticipated to cool slightly. It turned out, the data has beaten the market expectations with manufacturing PMI at the level of 52.8 vs. 52.2 expected and 52.2 prior and services PMI at the level of 54.6 vs. 54.2 expected and 54.1 prior. Nevertheless, the PMI data continues pointing only to moderate growth in the eurozone. It supports the view for more monetary stimulus from the European Central Bank, which is expected to announce it at the December meeting.
The EUR/USD pair bounced from the round level of 1.0600 and now it is trying to break above the technical resistance at the level of 1.0643.
