- German Manufacturing PMI arrives at 58.2 in October vs. 56.5 expected.
- Services PMI in Germany drops to 52.4 in October vs. 55.0 expected.
- EUR/USD flirts with highs near 1.1640 on mixed German PMIs.
The German manufacturing sector quickens its pace of expansion in October, the preliminary manufacturing activity report from IHS/Markit research showed this Friday.
The Manufacturing PMI in Eurozone’s no.1 economy came in at 58.2 this month vs. 56.5 expected and 58.4 prior. The index reached its lowest in nine months.
Meanwhile, Services PMI dropped to six-month lows of 52.4 in October as against 55.0 estimated and 56.2 previous.
The IHS Markit Flash Germany Composite Output Index arrived at 52.0 in October vs. 54.0 expected and September’s 55.5. The gauge hit an eight-month low.
Key comments from Phil Smith, Principal Economist at IHS Markit
“October’s flash PMI data point to economic activity in Germany beginning to plateau at the start of the fourth quarter.”
“Growth has slowed to a modest pace, with supply bottlenecks holding back manufacturing production and the rebound in services activity continuing to lose momentum, in part due to supply issues spilling over to the sector.”
EUR/USD is flirting with daily highs near 1.1640 on mixed German Preliminary PMIs, now trading at 1.1644, up 0.20% on the day.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.