According to the advanced PMI estimate for May, German services and manufacturing growth started to slow just after Friday's warnings from the Bundesbank that growth might loose momentum into the year.

The Services PMI slowed to 54.9 from 56.8 and below the expected 57.0, while Manufacturing PMI slowed to 58.2 from 62.0 and slower than 61.0 expected. The sectors continue to expand with the index above 50, yet the slowdown is to be very bearish on the euro amid already high debt alert and concerns on the slowing recovery.