Euro zone economy outperforms Britain for second straight quarter

Eurozone unemployment rate dropped to 9.1% in June

Eurozone economy grows at double the pace of the UK in second quarter

Strategists at Morgan Stanley cautioned that a 10 percent rise in the euro could knock 5 to 8 percent off Euro zone earnings and shave about 0.7 percentage points off regional GDP growth a year later as exports fall.

On Monday the EU said eurozone inflation in July remained well below the European Central Bank's target, meaning that the bank is likely to carry on for now with its massive economic stimulus policy and low interest rates. While the report confirms ECB President Mario Draghi's prediction that inflation would remain near June levels in the coming months, it also reinforces his assessment that, despite the region's booming economy, there isn't yet a self-sustained trend.

In the United Kingdom by contrast, the latest official figures released last week showed the economy grew by just 0.3% in the second quarter of 2017 following 0.2% expansion in the first three months of the year. The price of services rose 1.5 per cent and industrial goods only 0.5 per cent.

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The updated manufacturing PMI from Markit showed a modest positive surprise when released this morning, rising to 55.1 from 54.2. Perhaps more significantly, the core figure, without volatile energy and unprocessed food prices, is seen falling. However, Greek unemployment still remains at 21.7 per cent while in Spain it remains at 17.1 per cent.

The euro EUR= has rallied more than 12 percent year to date and is holding at two-and-a-half year peaks.

Rob Dobson, an economist at the survey's compilers, IHS Markit, said it showed United Kingdom manufacturing - which makes up a tenth of the United Kingdom economy - had started the third quarter on a solid footing.

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Outside Europe, U.S. monthly jobs data for July on Friday is likely to be the key figure for economists and the Federal Reserve, whose policy-setters next meet on September 19-20.

Meanwhile, the EU28 unemployment rate was 7.7% in June, down from 8.6% in the same time past year.

Moreover, this was the weakest rate since February 2009, when it marked 9.0 percent.

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