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German Flash Manufacturing PMI Actual 39.1, Expected 37.0, Previous 35.4 (Revised from 35.0)
German Flash Services PMI Actual 46.0, Expected 44.3, Previous 43.8 (Revised from 43.5)
Release Explanation: Measures the activity level of Purchase Managers. They are surveyed on production, employment, inventories, orders, and delivery data. “The PMI is split into reads on Manufacturing, Service, and Construction industries. A read over 50 denotes growth,” TheLFB-Forex.com Trade Team said.
TheLFB-Forex.com Trade Desk Thoughts: The German service PMI was released at 46.0, showing the industry has contracted during the last eight months, while the manufacturing index came at 39.1, better than expected.
“Even though the release still shows that the manufacturing and the service sides of the economy are still in a contraction phase, the pace of decline has improved substantially over the last two months,” TheLFB-Forex.com Trade Team said.
Forex Technical Reaction: The euro tested earlier the 1.3800 resistance area, but failed to break higher. Currently, the pair trades just near the Asian open price.
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