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German PMI Disappoints – EUR/USD Erases Gains

German manufacturing PMI dropped to 47.9 points while it was expected to remain unchanged at 49 points. Services PMI dropped back to negative territory: to 49.2 points while it was predicted to tick up from 50.9 to 51.1 points. A score of 50 points separates contraction and growth.

EUR/USD was advancing towards the release, rising to around 1.3080 and fell sharply to 1.3025. Update: the pair extends its falls and gets closer to 1.30. Update 2: EUR/USD loses 1.30.

Earlier, French manufacturing PMI came out at 44.4 points, marginally higher than expectations for 44.2 and also above last month’s 44 points. Services PMI provided a better surprise, rising from 41.3 to 44.1, above expectations of 42.3 points.

[do action=”tradingviews” pair=”EURUSD” interval=”60″/]

The all-European numbers are due for 8:00 GMT. They are expected to remain between 46 and 47 points. After the disappointing German numbers, expectations are now lower.

For more, see the EUR/USD forecast.

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.