After Germany and France PMI data was reported now data on the whole Eurozone came in.
Eurozone data came in better-than-expected with the Manufacturing PMI at 51.9, above estimates for an increase to 51.6 and a previous reading of 51.0. The Manufacturing activity rose to the highest level in ten months. The German Services PMI rose from 53.7 to 54.3 beating estimates of an increase to 53.9 - a new 46-month high.
Eurozone's recovery is gaining momentum. The data suggest that the quantitative easing program, the large-scale asset-purchase program worth 60 billion a month, by the ECB is stimulating the economy. The slump in oil prices and the single currencies decline start to have a positive effect on the economy.