The initial Markit’s purchasing managers’ indices for Germany surprised and this sends the euro higher. Manufacturing PMI in the euro-zone’s locomotive jumped from 46 to 48.8, beating expectations for a rise to 47.1. Services PMI shows strong growth, rising from 52 to 55.3. No change was expected. The 50 point mark separates growth from contraction.
EUR/USD escaped from the 1.3290 line and is now trading at 1.3330. The pair is trading in a range, but has some tendency to the downside.
Earlier, French PMIs badly disappointed: manufacturing PMI came out at 42.9 points, significantly lower than 44.6 seen last month and 44.9 that was expected. Services PMI dropped to 43.6, from 45.2 and against 45.6 that was predicted.
For more about the euro, see the Euro to USD forecast.
Figures for the whole euro-zone will be published shortly.Get the 5 most predictable currency pairs