German Preliminary Manufacturing PMI improves to 48.8 in May vs. 48.9 expected
- Germany’s Manufacturing PMI edged higher to 48.8 in May vs. 48.9 anticipated.
- Services PMI for the German economy fell to 47.2 in May vs. 49.5 forecast.
- EUR/USD keeps the red near 1.1300 after mixed German PMIs.
The German manufacturing sector activity picked up and the services sector deepened its contraction in May, the preliminary business activity report published by the HCOB survey showed on Thursday.
The HCOB Manufacturing PMI in the Eurozone’s top economy improved to 48.8 this month, compared with April’s 48.4, missing the estimate of 48.9. The measure hit a 33-month high.
Meanwhile, Services PMI dropped to 47.2 in May from 49 in April. The market consensus was for a 49.5 print in the reported period. The gauge reached a 30-month low.
The HCOB Preliminary German Composite Output Index came in at 48.6 in May vs. 50.1 in April and 50.4 expected. The index was at its lowest level in five months.
FX implications
EUR/USD maintains the offered tone after the mixed German data, down 0.23% on the day at 1.1302 at the time of writing.
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.25% | 0.02% | -0.29% | 0.03% | -0.09% | 0.25% | 0.10% | |
| EUR | -0.25% | -0.23% | -0.55% | -0.22% | -0.34% | 0.00% | -0.15% | |
| GBP | -0.02% | 0.23% | -0.33% | 0.01% | -0.09% | 0.22% | 0.08% | |
| JPY | 0.29% | 0.55% | 0.33% | 0.33% | 0.22% | 0.52% | 0.37% | |
| CAD | -0.03% | 0.22% | -0.01% | -0.33% | -0.10% | 0.22% | 0.06% | |
| AUD | 0.09% | 0.34% | 0.09% | -0.22% | 0.10% | 0.33% | 0.16% | |
| NZD | -0.25% | -0.00% | -0.22% | -0.52% | -0.22% | -0.33% | -0.16% | |
| CHF | -0.10% | 0.15% | -0.08% | -0.37% | -0.06% | -0.16% | 0.16% |
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.
