German Preliminary Manufacturing PMI unexpectedly drops to 42.3 in February vs. 46.1 expected

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German Preliminary Manufacturing PMI declines to 42.6 in July vs. 44.0 expected – Crypto News

Published

2 years ago

July 24, 2024

Dripp

Germany’s Manufacturing PMI dropped to 42.6 in July vs. 44.0 anticipated.
Services PMI for the German economy fell to 52.0 in July vs. 53.1 estimate.
EUR/USD falls further below 1.0850 after downbeat German PMIs.

The German manufacturing sector contraction unexpectedly deteriorated in July while the services sector also underperformed, the preliminary business activity report published by the HCOB survey showed Wednesday.

The HCOB Manufacturing PMI in the Eurozone’s economic powerhouse came in at 42.6 this month, deteriorating from June’s 43.5 while much below the forecast of 44.0. The measure reached the lowest level in three months.

Meanwhile, Services PMI fell from 53.1 in June to 52.0 in July, missing the market expectations of 53.1 in the reported period. The gauge hit a four-month bottom.

The HCOB Preliminary German Composite Output Index came in at 48.7 in July vs. 50.7 anticipated and 50.4 registered in June. The index was also at its weakest in four months.

FX implications

EUR/USD has come under fresh selling pressure on the disappointing German data, currently trading 0.15% lower on the day at 1.0835.

Euro PRICE Today

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

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.16%	0.15%	-0.50%	0.05%	0.22%	0.39%	-0.12%
EUR	-0.16%		-0.01%	-0.69%	-0.12%	0.06%	0.22%	-0.28%
GBP	-0.15%	0.00%		-0.68%	-0.10%	0.07%	0.24%	-0.28%
JPY	0.50%	0.69%	0.68%		0.60%	0.75%	0.91%	0.40%
CAD	-0.05%	0.12%	0.10%	-0.60%		0.16%	0.34%	-0.19%
AUD	-0.22%	-0.06%	-0.07%	-0.75%	-0.16%		0.16%	-0.36%
NZD	-0.39%	-0.22%	-0.24%	-0.91%	-0.34%	-0.16%		-0.52%
CHF	0.12%	0.28%	0.28%	-0.40%	0.19%	0.36%	0.52%

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).