11 August 2003, 09:14  OECD data show signs of global recovery

The Organisation for Economic Co-operation and Development (OECD) today said that its measure of expansion in the world's economies grew during June and showed signs that an economic recovery may be around the corner. The organisation's composite leading indicator (CLI) for the 30 member countries rose to 122.1 in June from a revised 121.0 in May. The May figure was previously given as 121.1. The June data signals a strongly improved economic performance in the US and slightly improved performance in the euro zone and Japan, it said. "Moderate growth lies ahead in the OECD area and the US," it added.
Both the US Federal Reserve and the European Central Bank have issued upbeat comments on their respective economies in recent weeks, saying that they believe growth is picking up. The ECB said yesterday that there is "increasing reason" to expect that economic activity will recover gradually in the second half of 2003 and strengthen further in 2004. The US CLI jumped to 132.6 in June from 130.9 in May, while the CLI for the eurozone firmed to 119.7 from 119.3. The Japanese indicator increased to 102.6 from 101.5 while in the UK, it rose to 102.2 from 101.5. //www.fxcentre.com

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