Regional PMIs surprise on the upside
The Russian ruble hits record low
Purchasing Manager’s Indices surprised positively in Hungary as well as in Poland in September. PMI in Hungary, which is calculated with a different methodology proved, that it suffers large volatility and no strong conclusion could be drawn from the data for a single month. After the fall last month, PMI in Hungary again rise to 52.6, which corresponds with latest industrial production data showing that manufacturing sector has been growing substantially. In Poland, although the PMI remains below the 50 level – indicating contraction – the September data showed that pace of the contraction was slowest in three month. Recalls that Polish PMI rose from 49.0 in August to September’s 49.5. Also the Czech PMI exceeded expectations, when it reached 55.6. So to sum up, despite poor business figures in Germany regional PMIs have managed to bring a positive surprise and might help regional currencies to firm.
Read the full report: FX Daily