German Preliminary Manufacturing PMI rises to 44.1 in January vs. 42 expected

Germany’s Manufacturing PMI improved to 44.1 in January vs. 42 estimated.
Services PMI for the German economy rose to 52.5 in January vs. 51 anticipated.
EUR/USD picks up fresh bids to close in on 1.0500 after upbeat German PMIs.

Dhwani Mehta FXStreet

The German manufacturing and services sectors activity improved in January, the preliminary business activity report published by the HCOB survey showed Friday.

The HCOB Manufacturing PMI in the Eurozone’s top economy unexpectedly rose to 44.1 this month, compared to December’s 42.5 while beating the expected 42 figure. The measure hit n eight-month high.

Meanwhile, Services PMI bounced to 52.5 in January from 51.2 in December. The market consensus was 51 in the reported period. The gauge reached a six-month top.

The HCOB Preliminary German Composite Output Index stood at 50.1 in January vs. 48 in December and 48.2 estimates. The index was at its highest in seven months.

FX implications

EUR/USD recovers further to test 1.0500 after the upbeat German data, currently trading 0.74% higher on the day.

Euro PRICE Today

The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the US Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.66%	-0.35%	-0.51%	-0.28%	-0.60%	-0.71%	-0.37%
EUR	0.66%		0.31%	0.18%	0.38%	0.06%	-0.05%	0.29%
GBP	0.35%	-0.31%		-0.12%	0.06%	-0.25%	-0.36%	-0.03%
JPY	0.51%	-0.18%	0.12%		0.19%	-0.14%	-0.25%	0.10%
CAD	0.28%	-0.38%	-0.06%	-0.19%		-0.33%	-0.43%	-0.09%
AUD	0.60%	-0.06%	0.25%	0.14%	0.33%		-0.11%	0.21%
NZD	0.71%	0.05%	0.36%	0.25%	0.43%	0.11%		0.33%
CHF	0.37%	-0.29%	0.03%	-0.10%	0.09%	-0.21%	-0.33%

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.

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