German Preliminary Manufacturing PMI jumps to 46.1 in February vs. 45.5 expected
- Germany’s Manufacturing PMI rises to 46.1 in February vs. 45.5 forecast.
- Services PMI for the German economy drops to 52.2 in February vs. 52.5 estimated.
- EUR/USD picks up fresh bids to close in on 1.0500 after upbeat German PMIs.
The German manufacturing sector activity improved more-than-expected while services sector deteriorated slightly in February, the preliminary business activity report published by the HCOB survey showed Friday.
The HCOB Manufacturing PMI in the Eurozone’s top economy rose to 46.1 this month, compared with January’s 45, beating the forecast of 45.5. The measure hit a two-year high.
Meanwhile, Services PMI dropped to 52.2 in February from 52.5 in January. The market estimated a 52.5 print in the reported period. The gauge reached a two-month low.
The HCOB Preliminary German Composite Output Index arrived at 51 in February vs. 50.5 in January and 50.8 estimates. The index was at its highest in nine months.
FX implications
EUR/USD is off the lows, still down 0.21% on the day to trade near 1.0480 after the upbeat German data.
(This story was corrected on February 21 at 8.45 GMT to say that "Services PMI dropped to 52.2 in February," not 52.5.)
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.20% | 0.04% | 0.60% | 0.07% | 0.19% | 0.02% | 0.09% | |
| EUR | -0.20% | -0.16% | 0.41% | -0.14% | -0.01% | -0.18% | -0.11% | |
| GBP | -0.04% | 0.16% | 0.57% | 0.02% | 0.15% | -0.03% | 0.04% | |
| JPY | -0.60% | -0.41% | -0.57% | -0.50% | -0.40% | -0.58% | -0.50% | |
| CAD | -0.07% | 0.14% | -0.02% | 0.50% | 0.11% | -0.05% | 0.02% | |
| AUD | -0.19% | 0.00% | -0.15% | 0.40% | -0.11% | -0.18% | -0.11% | |
| NZD | -0.02% | 0.18% | 0.03% | 0.58% | 0.05% | 0.18% | 0.07% | |
| CHF | -0.09% | 0.11% | -0.04% | 0.50% | -0.02% | 0.11% | -0.07% |
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.
