- German Manufacturing PMI arrives at 57.6 in November vs. 56.9 expected.
- Services PMI in Germany rises to 53.4 in November vs. 51.5 expected.
- EUR/USD flirts with highs near 1.1265 on upbeat German PMIs.
The German manufacturing sector continues with its solid pace of expansion in November, the preliminary manufacturing activity report from IHS/Markit research showed this Tuesday.
The Manufacturing PMI in Eurozone’s economic powerhouse came in at 57.6 this month vs. 56.9 expected and 57.8 prior. The index hit fresh ten-month lows.
Meanwhile, Services PMI reached two-month highs of 53.4 in November as against 51.5 estimated and 52.4 previous.
The IHS Markit Flash Germany Composite Output Index arrived at 52.8 in November vs. 51.0 expected and October’s 52.0. The gauge hit a two-month top.
Key comments from Lewis Cooper, Economist at IHS Markit
“The flash PMI data for November point to a general leveling off the economic growth slowdown seen across the German private sector over the previous three months.”
“Business activity continued to rise, with the rate of increase gaining some well-needed momentum as manufacturers and services firms alike saw faster uplifts in output.”
FX implications
EUR/USD is flirting with daily highs near 1.1265 on upbeat German Preliminary PMIs, adding 0.26% on the day.
