German Preliminary Manufacturing PMI edges higher to 48.3 in March vs. 47.7 expected
- Germany’s Manufacturing PMI advanced to 48.3 in March vs. 47.7 anticipated.
- Services PMI for the German economy dropped to 50.2 in March vs. 51.4 forecast.
- EUR/USD pares gains below 1.0850 after mixed German PMIs.
The German manufacturing sector activity performed better than expected while the services sector worsened in March, the preliminary business activity report published by the HCOB survey showed Monday.
The HCOB Manufacturing PMI in the Eurozone’s top economy rose to 48.3 this month, compared with February’s 46.5, beating the expected 47.7 figure. The measure hit a 31-month high.
Meanwhile, Services PMI dropped to 50.2 in March from 51.1 in February. The market consensus was for a 51.4 print in the reported period. The gauge reached a four-month low.
The HCOB Preliminary German Composite Output Index came in at 50.9 in March vs 50.4 in February and 51.2 anticipated. The index was at its highest in ten months.
FX implications
EUR/USD is off the highs, still up 0.29% on the day to trade near 1.0845 after the mixed German data.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.21% | -0.22% | 0.19% | -0.14% | -0.36% | -0.05% | -0.15% | |
| EUR | 0.21% | -0.12% | -0.10% | 0.12% | -0.16% | 0.22% | 0.10% | |
| GBP | 0.22% | 0.12% | 0.41% | -0.39% | -0.07% | 0.34% | 0.12% | |
| JPY | -0.19% | 0.10% | -0.41% | -0.33% | -0.57% | -0.22% | -0.36% | |
| CAD | 0.14% | -0.12% | 0.39% | 0.33% | -0.17% | 0.09% | -0.01% | |
| AUD | 0.36% | 0.16% | 0.07% | 0.57% | 0.17% | 0.38% | 0.27% | |
| NZD | 0.05% | -0.22% | -0.34% | 0.22% | -0.09% | -0.38% | -0.04% | |
| CHF | 0.15% | -0.10% | -0.12% | 0.36% | 0.01% | -0.27% | 0.04% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
