Home German manufacturing PMI at 51.6 as expected
Forex News Today: Daily Trading News

German manufacturing PMI at 51.6 as expected

The German manufacturing sector  is less optimistic, but within expectations at 51.6 points. The services PMI came out 55.2 points, significantly better than 53.9 expected. This places the composite figure at  a rise. However, the manufacturing sector is more important for Germany.

EUR/USD is hugging 1.11.

The figure, above 50 points, reflects ongoing growth albeit a slow one. So far, the PMs interviewed for this survey are not totally shocked by the Volkswagen crisis, that  seems to have a big impact on the German economy.

Markit was expected to report small drops in purchasing manufacturing indices for the continent’s largest economy. The manufacturing PMI was expected to slide from 52.3 to 51.6 points and services from 54.1 to 53.9.

EUR/USD traded around 1.11 towards the publication, still suffering from Draghi’s drama. The  common currency is licking its wounds.

This release for October already  reflects ramifications from the VW scandal that erupted in late September.

Earlier, France has seen better than expected numbers.

Here is the preview: trading the German manufacturing PMI with EUR/USD.

EURUSD after German manufacturing PMI October 23 2015

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.