FX.co ★ Eurozone composite PMI hits 70-month high in February

The composite Purchasing Managers Index (PMI) in the 19-country eurozone rose to the 70-month high in February, IHS Markit reported.

The index climbed to 56 from 54.4 in January. Meanwhile, economists had expected the score of 54.3.

The services PMI rose sharply to 55.6 from 53.7, hitting the highest level in 69 months. Meanwhile, the manufacturing sector strengthened to 55.5 compared to 55.2 in the previous month. This marked the highest level over the past 70 months.

"The eurozone economy moved up a gear in February. The rise in the flash PMI to its highest since April 2011 means that GDP growth of 0.6% could be seen in the first quarter if this pace of expansion is sustained into March," Chris Williamson, chief economist at Markit, said.

Germany’s composite PMI rose to 56.1 from 54.8 in January, the highest level in 34 months. The country’s services sector advanced to 53.4 from 54.4 earlier. The manufacturing PMI rose to the 69-month high of 57 from 56.4 in January

France’s composite PMI came in at 56.2 in February, up from 54.1 in the prior month. The services PMI jumped to 56.7 from 54.1 in January, while the manufacturing sector witnessed a decline to 52.3 from 53.6, touching the lowest in three months.