The index German PMI Manufacturing fell slightly in April, standing at 44.5 compared to 44.7 in March, although the consensus that predicted a decrease to 44 improves. In any case, this is its worst reading since May 2020.
The indicator showed production grew modestly, driven by the rapid easing of supply constraints, but there was continued downward pressure on new orders due to customer concerns and efforts to clear reserve stocks.
Although the sector’s expectations rebounded to 14-month highs, they continue to remain very low compared to the record.
He Eurozone manufacturing PMI also eased, falling to 45.8 in April from 47.3, although it slightly improves the estimated 45.5. The indicator remains in contraction territory for the tenth consecutive month and reaches its lowest level since May 2020, when Europe was in the midst of the first wave of the Covid pandemic.
EUR/USD reaction
The Euro has fallen nearly 30 pips after the data, sliding to 1.0959, its lowest level in eleven days, since April 21. At time of writing, the EUR/USD pair is trading above 1.0966, shedding 0.07% daily.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
