The index Germany Manufacturing PMI published by S&P Global has risen 1.5 points in the preliminary reading for November. The indicator has risen to 42.3 from 40.8 in October. This is the highest level reached by the manufacturing sector in six months. The result improves market expectations, since a slight increase to 41.2 was expected.
He Services PMI has gained five tenths in the advanced reading for November, rising to 48.7 from 48.2, its highest level in two months. The figure is above the consensus forecast, which predicted an increase to 48.5.
The slowdown in the German economy showed signs of easing in the middle of the fourth quarter, as business activity fell at the slowest pace in four months, according to the survey compiled by S&P Global. Meanwhile, employment in the euro zone’s largest economy continued to decline, and the rate of job losses accelerated slightly, although still modestly. Expectations for future activity were moderate, although they improved slightly to their highest level since June.
Regarding prices, November saw faster increases in both input costs and production charges, and inflationary pressure remained focused on the services sector.
Euro reaction
EUR/USD has reacted higher to the improvement in German data. The pair has risen more than 20 pips to 1.0931, a new two-day high. At the time of writing, the pair is trading above 1.0916, gaining 0.26% on the day.
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.
