- The German manufacturing PMI stands at 47.4 points in December, against the 46.3 expected.
- German services PMI came in at 49.0 in December, versus 46.3 expected.
- EUR/USD remains unperturbed around 1.0635 thanks to upbeat German PMIs.
The preliminary report on manufacturing activity from S&P Global/BME on Friday showed that the recession in the German manufacturing and service sectors continued into December as price pressures continued to cool.
The manufacturing PMI of the highest economic power in the Eurozone stood at 47.4 this month, compared to the expected 46.3 and the previous 46.2. The index hit two-month highs.
For its part, the services PMI jumped from 46.1 in November to 49.0 in December, compared to the estimated 46.3. The PMI reached its lowest level in two months.
The S&P Global/BME Preliminary Composite Production Index for Germany came in at 48.9 in December, up from 46.5 forecast and 46.3 in November. The indicator reached a three-month high.
Top remarks from Phil Smith, S&P Global Associate Director of Economics
“The latest preliminary PMI survey paints a somewhat less bleak picture of the German economy heading into the end of the year.”
“Although still in the contraction zone, the headline index points to less of a recession in global business activity in December, as declines in both manufacturing and services ease.”
Repercussions in the foreign exchange market
The pair EUR/USD It maintains its trading range around 1.0635 on encouraging data from Germany, up 0.14% 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.
