German Preliminary Manufacturing PMI unexpectedly jumps to 49.9 in August vs. 48.8 expected
- Germany’s Manufacturing PMI advanced to 49.9 in August vs. 48.8 forecast.
- Services PMI for the German economy dropped to 50.1 in August vs. 50.3 estimates.
- EUR/USD stays rangebound near 1.1650 after mixed German PMIs.
The German manufacturing sector contraction continued to ease in August while the services sector expansion faltered, the preliminary business activity report published by the HCOB survey showed on Thursday.
The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse jumped to 49.9 in August, as against July’s 49.1, beating the market consensus of 48.8. The measure hit a 38-month high.
Meanwhile, Services PMI dipped to 50.1 in August from 50.6 in July. Markets expected a 50.3 print in the reported period. The gauge reached a two-month bottom.
The HCOB Preliminary German Composite Output Index arrived at 50.9 in August vs. 50.6 in July and 50.2 expected. The index was at its highest level in five months.
FX implications
EUR/USD keeps its range after the mixed German data, flattish on the day at 1.1650 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 strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.02% | 0.04% | 0.16% | 0.04% | 0.13% | -0.02% | 0.15% | |
| EUR | 0.02% | 0.02% | 0.17% | 0.04% | 0.21% | 0.03% | 0.15% | |
| GBP | -0.04% | -0.02% | 0.12% | 0.02% | 0.19% | 0.01% | 0.14% | |
| JPY | -0.16% | -0.17% | -0.12% | -0.11% | -0.02% | -0.14% | 0.04% | |
| CAD | -0.04% | -0.04% | -0.02% | 0.11% | 0.06% | -0.06% | 0.11% | |
| AUD | -0.13% | -0.21% | -0.19% | 0.02% | -0.06% | -0.09% | 0.04% | |
| NZD | 0.02% | -0.03% | -0.01% | 0.14% | 0.06% | 0.09% | 0.12% | |
| CHF | -0.15% | -0.15% | -0.14% | -0.04% | -0.11% | -0.04% | -0.12% |
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.
