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The German locomotive is running slow: 51 points in the manufacturing PMI in January, lower than last month and lower than 51.8 points expected. The services PMI comes only marginally above predictions: 52.7 instead of 52.6 predicted.

EUR/USD remains depressed around 1.1340. Update: the disappointing  manufacturing number seems to weigh on the common currency. The new low is 1.1320.

Update: the moves accelerate and EUR/USD falls well below 1.13

Markit’s preliminary German manufacturing  purchasing managers’ index for January was expected to tick up from 51.2 to 51.8 points. Services PMI carried expectations for a rise from 52.1 to 52.6 points. The 50 point mark separates growth and contraction.

EUR/USD was trading in a very low range between 1.1313 and 1.1375.

Earlier we had data for France: manufacturing PMI rose to 49.5 points while services dropped to 49.5 points from above 50 points beforehand.

The euro has been hit hard by the big QE program presented yesterday by ECB president Mario Draghi.

More:  EUR/USD En-Route To 0.96 in 2015 after ECB Delivers – TD