Markit’s manufacturing PMIs for Germany beat early estimations by hitting a score of 56.5. However, the services sector came out at 53.2 points, below expectations. The composite is slightly lower than forecast.
EUR/USD holds its ground and does not go very far in the immediate aftermath.
The first purchasing managers’ indices from Germany were expected to remain in solid growth territory: 55.5 for the manufacturing sector and 54.6 for the services one. The 50 point level is the threshold separating expansion and contraction. These are preliminary numbers for January.
Markit’s French manufacturing PMI came out at 53.4 points, exactly as projected, while its services sector surprised to the upside with 53.9 points.
EUR/UDS was trading around 1.0748 towards the publication, consolidating the gains seen earlier in the week. The pair reached a high of 1.0772 thanks to the greenback’s weakness. The Trump Dump continued. Complaints about the strength of the dollar alongside ripping up TPP and with no fiscal stimulus plans all reversed the post-election dollar rally.
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Here is the euro/dollar chart, showing the recent rise:
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