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German Preliminary Manufacturing PMI unexpectedly drops to 42.5 in December vs. 43.8 expected

  • Germany’s Manufacturing PMI fell to 42.5 in December vs. 43.8 forecast.
  • Services PMI for the German economy bounces to 51.0 in December vs. 49.2 estimate.
  • EUR/USD picks up fresh bids above 1.0500 after mixed German PMIs.

The German manufacturing sector activity worsened in December while the services sector returned to expansion, the preliminary business activity report published by the HCOB survey showed Monday.

The HCOB Manufacturing PMI in the Eurozone’s top economy dropped to 42.5 this month, compared to November’s 43.0 while missing the estimates of 43.8.

Meanwhile, Services PMI rebounded to 51.0 in December from 49.3 in November. The market forecast was 49.2 in the reported period. The gauge set a two-month high.

The HCOB Preliminary German Composite Output Index came in at 47.8 in December vs. 47.2 in November. The index was at its highest in two months.

FX implications

EUR/USD picks up fresh bids despite the mixed German data, currently trading 0.16% higher on the day at 1.0515.

Euro PRICE Today

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

 USDEURGBPJPYCADAUDNZDCHF
USD -0.17%-0.20%-0.03%-0.10%-0.23%-0.36%-0.30%
EUR0.17% 0.01%0.24%0.13%0.10%-0.12%-0.08%
GBP0.20%-0.01% 0.10%0.12%0.09%-0.15%-0.10%
JPY0.03%-0.24%-0.10% -0.08%-0.20%-0.31%-0.19%
CAD0.10%-0.13%-0.12%0.08% -0.08%-0.26%-0.21%
AUD0.23%-0.10%-0.09%0.20%0.08% -0.22%-0.19%
NZD0.36%0.12%0.15%0.31%0.26%0.22% 0.03%
CHF0.30%0.08%0.10%0.19%0.21%0.19%-0.03% 

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

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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